there’s a shortage of will to rein in developers and landlords.

yeah, that's pretty much it.

I don't agree with that.

While yes, developers and landlords are a problem, they're a symptom of the problem, which is a genuine shortage of housing. If there's plenty of homes to go around, then it won't be possible for homes to be sold for millions and apartments requiring a salary over 60k.

There's a major supply issue, and the key components for it is zoning laws and the need for neighbourhood association approval. Change zoning to allow mixed use housing in all commercial spaces, and all residential to allow townhouses and low/midrise apartments, as well as remove the need or any association approval, and we wouldn't have a housing issue at all.

Most new homes are massive condos and apartments because it takes years to go from purchasing a piece of land to having it approved. So every developer is going to try to maximize their profits by making it as big and expensive as possible since they can't just pump out a ton of projects quickly. That, and the fact that anybody who tries to get into the business just gets blocked because they get put into the backend of a wait list for association review that takes over a decade, and thus, all the developments are expensive.