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hugo7
Rent-seeking is not confined to the property rental market, it's an economic behaviour that seeks to increase wealth of the individual/organisation performing said behaviour/action without creating new wealth.
Local in these terms means to the economic area you are within, which is currently the EU but will soon be England and Wales.
At the small end I rent my garage, I would like to buy it but the garage company won't sell it because they get £1,200/year from me for doing absolutely fuck all. There's absolutely no motivation for them to sell unless a) they have a sudden urgent need for a lot of capital or b) rental income becomes undesirable due to (say) tax.