Swapping the base layer of the capital stack has zero visible change to the person renting. In fact, I'm pretty sure it's common in asia.

Instead of:

    Investor owns the land
    Investor pays for construction, finance, maintenance
    Investor receivers rent

They do:

    Government owns the land
    Investor pays to lease the land for 30 years or whatever
    Investor pays for construction, finance, maintenance
    Investor receives rent

The active roles don't change, the market that keeps them dynamic and competitive doesn't change, but the firehose of passive money goes into tax revenue instead of some rich guy's pocket.