There's also the issue of rent-seeking hoarders. If "everyone" can pay more for the same thing, the cost of that thing rises to what the market will tolerate.

There's also the issue of rent-seeking hoarders. If "everyone" can pay more for the same thing, the cost of that thing rises to what the market will tolerate. It's basic Econ-101. "A place to live" is only elastic in the number of people that want to live there. Right now more people want to live in cities than there are places in cities (particularly well built, noise and odd smell insulated places), so even though the quality of housing is lower than alternatives the cost to rent or buy is not reflective of that lack in quality. The cost of building, in terms of land, approvals, delays in construction, etc is also not favorable. At least to me as an outside observer, it seems EXTREMELY LIKELY that the 'market' is misaligned to the needs of the people and in need of a deep systemic overhaul including a review of regulations that encourage / discourage various activities.