This is happening in large parts of the EU as well. It's pretty mind blowing. Since the mid 2010s, the new build construction rate has slowed down to alarmingly low levels. A few years before that, there was an oversupply, yet they kept building. It's totally intentional.

Unsurprisingly, affordability is so bad. In lots of major cities, a one-bed rental takes around 50% of a mid-career post-tax salary. You have become an indentured servant for whatever real estate fund owns your property. Lots of regulatory capture behind the scenes.

Ironically, some parts of the UK, including Home Counties, are now much better than most EU, including Scandinavia, with lots of shared ownership and affordable housing schemes. It's really easy. Increasing the supply of homes, in particular first homes, and preventing predatory tactics to hoard supply.