This isn’t predicted by classical economics. This is the result of the housing supply being artificially constrained by zoning laws. If developers could build a 40-story high rise next to a single family home, housing would be dirt cheap. On top of this, rent control further disincentives developers from constructing new properties.
AirBnB and Uber aren’t “bypassing the market”, they’re bypassing local laws and ordinances. The reason why AirBnB is cheaper than hotels and Uber is cheaper than taxis is because they don’t incur the cost of regulatory compliance. Real estate would also be cheaper if developers didn’t have to comply with zoning regulations.