Where do landlords actually make the most money (profits) ?

[Matt R.]

There is so much misinformation on this site it is crazy.

Here are the facts; 

For total profits, cash flow plus equity since 2009 the top 3 locations are San Francisco, San Jose and LA.

Since 2000, that is LA, SF and San Diego.

For the sake of discussion... why do you think that is the case?