Yep, I worked this holiday week-end and in doing so I observed a long awaited phenomena.

I leveled with one of the guys and asked him about this phenomena and he confirmed that after seeing many handymen sell themselves as GCs, others were getting into the game and making much more money.

Currently they very much like the AirBnB phenomena, as many city's, like mine, get a lot of extra tax revenue from it while providing no extra services. 

The race to the bottom on hard money rates has been a very interesting phenomena over the past several years. 

Residential properties typically do not trade based on a cap rate, but rather based on the sales numbers of comparable properties.although I think this phenomena of every day investor buying SFRs as rentals and then neighborhoods turning to rental dominated IE majority rentals.. cap rates/ or COC return with 20% down tend to drive what folks will pay.. but everyone has different expense projections … but in these areas there simply is no homeowners buying them so comps tend to be all the sales between investors .where as if I sell a 450k new construction and some just happens to rent it.. but 20 others are all owner occ.. no one is going value that home based on income .. or GRM  .. not sure if I am making sense..

I don't know if it ever was, or was purely a NYC phenomena.

@David Mamsa , I think you're picking up on the same phenomena that's happening in other periphery areas.

It's the other way around :(because) fiat currency declines in buying power , thus (hard) assets (such as mortgage-based assets) appreciate.The latter part is the root cause, causing the secondary phenomena. 

This phenomena is almost always a product of readily having more land to build "bigger and better" in the next subdivision.

But I see this same phenomena in STRs, BRRRR, fix and flips, and the asset classes listed above.