I suspect its not “people,” rather its real-estate focused hedge funds and such
They look at rents vs. cost and think “its better than bond yields” so they buy it.
Just my opinion.
...and money laundering.
https://financialcrimeacademy.org/how-to-launder-money-through-real-estate/
An "overseas" korporate entity flush with illicit funds buys a property. Then a loan is taken against the property - voila; new legitimate money.