That in turn created a perception of real estate as "always going up", and going up dramatically.

https://www.biggerpockets.com/member-blogs/9232/55313-intro-to-section-8---your-perceptions-vs-my-realities

Here’s a link if you want to check it out.https://www.biggerpockets.com/blogs/9232/55313-intro-to-section-8---your-perceptions-vs-my-realities

This is all just perception by the way. 

I keep getting my initial perception reinforced that everyone does things their own way for their own reasons.  

Some of my reasons for making this statement include:Changing perception of Las Vegas - from a tourist destination (“Sin City”) to a good place to live.Historical trends - The historical relationship between home prices and rental prices.The 2018 tax act.Changing Perception Of Las VegasI am seeing a lot of positive headlines like the following:Las Vegas Now the Nation’s Hottest Housing MarketLas Vegas may be the best city to retire in the USLas Vegas is booming again, and bracing itself for next slump - Diversification and the new Las Vegas School of Medicine.Headlines like these “legitimize” Las Vegas as a good place to live, not just a holiday destination.

I think with agents there is a perception that they don't do much and don't earn their commission.

Vacation rentals are the sirens of the modern time. 

https://www.biggerpockets.com/member-blogs/9232/55313-intro-to-section-8---your-perceptions-vs-my-realities

Now equities are much more volatile in terms of business prospects and perception but even in real estate this strategy would seem to cut off your gains while still giving you the risks of ownership.