You can read up on "Disparate Impact" Theory on a variety of landlord resource websites, including government agencies. 

So, in the foreseeable future, every non-government job your tenants have will vanish.

[Bureau of Labor Statistics]Next came ADP’s employment report, where private (non-government) jobs growth slowed for the third straight month to +150,000 in June.

For mortgage originators, real estate professionals and investors, the 4.65%-4.45% drop in the 2-Year Treasury should result in banks lowering Jumbo & Super Jumbo Mortgage interest rates next week Conforming and Government loan products are also seeing improved pricing.

And does your calculation take into consideration the fact that an entire town can burn down, and the only assistance the government will give you is a $700 gift card? 

Everything is harder and takes longer because the government is involved.

Than one has to get familiar with the market one is targeting, I get with various government board members and engineers to find receptiveness of such project and if city plan already has a designated area of interest for such, which it often does.

I was stunned by how much the county government assessed vacant lots for.

Wait until the government wipes out your business and livelihood with unconstitutional laws in the name of "public safety."

People with cushy government paychecks and benefits and job security.I agree with you that state and Federal losses are not necessarily tied.