By "institutional inefficiencies" you must be referring to the leases that apartment renters sign that state no subletting, or HOAs that most condo owners willing enter into that have similar restrictions.
If anyone reading this comment wonders, "HOAs" seems to be "Home Owner Association" which according to Wikipedia is a type of corporation in the United States - that are usually setup by real estate developers for the purpose of "marketing, managing and selling of homes and lots in a residential subdivision".
By setting up a "HOA", the real estate developer gets certain privileges that easies their exit and transferring of the property to the residents.
Of course, there are some details that might cause problems. A landlord might expect more headaches and confusion from someone subletting the place, and may want to raise the rent to compensate.
Also, just because it's inefficient doesn't mean that it's easy to solve. Copyright is obviously inefficient, but not easy to solve.
