Eh, that’s definitely a part of the issue but the majority of it is definitely that there just isn’t enough housing. Large cities in the US currently have historically low vacancy rates.

There’s always that stat that goes around that there are more empty homes than homeless people and that’s technically true but not in a way that matters. The majority of those homes are either just temporarily empty between residents, in bad locations, or in too bad of a condition to be lived in. If I live and work in Los Angeles, a cabin in Buttfuck, KS, a house with a collapsing roof, or an apartment being repainted before someone new moves in are all worthless.