Even when people have the meas to relocate, they are reluctant to do it. If the housing market was fluid enough that we could consider nationwide factors, local

Even when people have the meas to relocate, they are reluctant to do it. If the housing market was fluid enough that we could consider nationwide factors, localized high-rent regions like Seattle, Vancouver or Silicon Valley wouldn't even occur in the first place. So with or without nationwide housing shortage, any income increase will still be captured by local landlords.