Comment by BeetleB

You're missing the downpayment.

Real scenario: Someone buys a 4-plex for $1M. They put in $240K down payment. That's $60K per apartment. Will those tenants have that $60K they can put down to continue living there?

Sure, they'll own it and can get it back if they sell, but the majority of tenants don't have that kind of cash lying around.