Don't agree with this analysis, it will end just not like that. The workers will have worse and worse living conditions until they're reduced to effective serfdom. Eventually they may rise up and force change through voting or riots, but that's quite unlikely for some time as the generations that benefitted from this still outnumber those suffering.
The sad thing is that this has been done by one generation to the following one, parents impoverishing their own children. Not intentionally perhaps, but they have created the artificial supply side restrictions through planning laws and nimbyism that have resulted in their childrens impoverishment.
One of my friends is paying half his salary in rent with his own house impossibly out of sight, while his parents own multiple properties and rent them out.