Now we are in the realm of low-return value-add under the auspices that these marginal projects are acceptable due to this false perception of no- risk.

The average investor’s perception of risk is backwards.

The markets are highly irrational right now because public perception is overreacting.

It is perception and is highly manipulated by the media.

The value of what you paid is based on your perception.

You have to understand "perception" and what that means.

Yes, losing 1031 exchanges would certainly hurt some of us but from a larger societal perspective you could ask what benefit does the American public get from allowing 1031 exchanges (devils advocate here).

If you wonder what is better between investing in the stock market or real estate, there is no answer to that as both have pluses and minuses and then it can come down to knowledge, risk and volatility tolerance, personal psychology and perception, which are different from each of us.

Meanwhile, they may chase my good tenants away because of the perception of inaction by the landlord.  

But it remains important because perception, however irrational it may be, is reality in the market.I have had my best sales in the month of December.