His analysis is, to put it mildly, severely lacking. To the extent that the OER is gaming inflation, by his analysis we should've seen runaway inflation in the mid-2000s, when the housing market was overheated. Did we? No. Ah, but now that the housing market has collapsed, the OER is hiding all the inflation that we see in... nothing but food staples and Peal & Co. shoes? Uh, no.
"The complete and utter failure of owners' equivalent rent"
Yes tell us all about rising food prices during the Dust Bowl of the 1930s.