It's a phenomenon world over, a very direct consequence of wealth inequality which is increasing at similar rates everywhere. Even in the best countries, the top 10% holds 50% of wealth. The remaining 90% is completely priced out as the wealthy compete with each other raising prices up.

It's a marked failure of democracy that the 90% continue to get a raw deal for themselves and cannot manage to rally together and secure their interests. Shelter is probably the highest expense item for anyone. Reducing that would ease financial pressure immensely and uplift quality of life like no other single thing can. You would think it should be obvious that people make this their top priority and use their collective voting power to limit property ownership. But there is not a single example in any democracy where people have managed to do this.