There's a couple of other issues impacting the high cost of housing... In many locations where apartment buildings existed they have been converted to condo's reducing rental options by 100's or 1000's of units. Less rentals equals higher rents. And most new construction is condo's not apartment buildings, so they aren't being re-stocked.
Also the government over pays for Section 8 housing. In my area of NJ a 3 bedroom dump in the hood that would receive $6-800/month in a competitive market receives $1400/month in Section 8 handouts. So folks look at that and figure what they are renting out is twice as nice and charge twice as much for. Also, they need to price it so Section 8 people can't afford it. This has driven the cost of rentals to be higher than owning property, in an area with very high housing costs that make owning nearly impossible for middle and lower-middle class people for home home ownership wasn't such a heavy lift just 20 years ago. This of course on top of housing prices that are 2-4 times higher than they would have been had the bubble never happened.