It’s wild to hear people scape goat REIT funds and campaign for rent control when the real problem happens to be “average people” owning investment properties. Step 1 of fixing the problem is the immediate repeal of Prop 13.
Condo defect law is far far more onerous than defect law for single family homes, to the point that it doesn't make sense to offer units for sale. There are those working on reform but it's a slow process.
I have see it happen with older friends: they could move to a smaller place that's more appropriate but they'd had to pay a ton more.
The Prop 13 distortion on the market is very extreme. Perhaps even more so than the super low pandemic interest rates compared to today's interest rates.