People produce revenue and profit in real estate markets. That's not why the price of housing whether renting or owning increases. Essentially (in particular areas) there is a shortage of housing and the price escalates. Inflexible zoning regulations are often the reason because they inhibit efficient land use.

Rent control is NOT the answer to this. It only creates additional distortions of the market and can lead to even more expensive housing because of additional tightening of supply.

Many thanks