> Many own the home, they can sell it to anyone, including people who want to own it as a residence.

Which, in terms of the rental market, is the exact same thing as that person long-term renting the unit.

> Underperforming buildings also get razed by developers.

... And in this town, when that happens, they get replaced by buildings containing more units. You may have seen a few cranes here and there on the city skyline.