Roland,
As with a great many things in life, the general consensus is usually wrong, misguided or the path of least resistance
I have thought about writing an article for Blade about this topic for years but I'm not much of a writer and rarely transfer my thoughts to paper as well as I speak or think them.
Leather doesn't cause rust, at least the leather any respectable leatherworker making sheaths or holsters would use.
What causes rust is condensation building up inside a sheath and then not being properly ventilated, which then translates to moisture and then possibly rust. Envision being out working in 80-90 degree weather with 95% humidity, then you walk into your air conditioned home and leave your knife in the sheath. As the cold air cools your sheath and the inside of the sheath and the knife are still moist and hot, condensation can develop. Later on the knife/sheath is tossed where it's kept and Eventually everything will equalize and dry out, but the next time you got to use it you could have some rust developing. This is going to happen with Kydex or leather, just a fact, leather does take a little longer to even out because it has insulating factors.
The best thing you can do is draw the knife, put it somewhere safe for a day and once everything is adjusted to the inside temperature and humidity they can safely be rejoined and stored indefinitely.
In a nutshell, temperature and humidity variations create the potential for knives rusting in sheaths. Keep those factors stable and you should never have a problem. I'd still advise a light oil or ren wax on your blades to be safe, but I have 1095 and 01 knives that have been stored in my gun safe for many years in their sheaths with zero rust or patina other than what I put on them in use. One being a knife my mom and dad bought me for Scouts some 40 years ago that's likely never seen a drop of oil.
Hope this helps