I think once you factor in property taxes for all of those years, it’s pretty close to a wash.
There is a risk that property tax could suppress supply of housing in the long term, since it makes rentals as investment vehicles less profitable, and therefore indirectly contribute to increasing rents.
In my high COL area, renting is definitely cheaper than owning, at least with regard to small condos that I look for. Foreign and older buyers have pushed up the price of condos as rental properties, but now there is a glut, and they must rent at the price the market will bare, which has absolutely nothing to do with their actual costs, but instead what the average 30 year old can afford here.
And in my city, there simply aren't enough millenials able to buy these high priced condos ($300K + $800 in HOA / taxes per month). Thus the rent gets pushed down to $1500, which is way less than it'd cost to buy, and is definitely a money-loser for many of the owners after paying interest, management fees, taxes, HOAs, etc.