One key element you guys have neglected to touch upon is the rampant foreign investment in our housing market. Here in the Seattle area, many of those homes being purchased by foreign investors will even sit empty for extended periods of time. They are creating an artificial demand, waiting for prices to rise, and flipping them - to yet another foreign investor.
This got so bad up in British Columbia that they passed a moratorium on foreigners purchasing homes. I'm not sure how long it will last, but it's a step in the right direction.
It turns out that less than 40% of Seattleites own the abode in which they live. Rents are such that your average professional, for the most part, cannot afford to save for a down payment on their own place. A good example is a buddy's home, one block off of Lake Washington. Built in the 1940's, maybe 2,000 square feet, in pretty average condition. He is renting it out for $8,000 per month. Imagine flushing $96k down the rent hole every year...
It's not just here, either. I recently found this, from Ireland.
https://www.irishtimes.com/opinion/2022/07/12/unwelcome-return-of-the-gintleman-that-takes-the-rint/