I feel like US is too heavily weighted on incumbant "rent seeking" through law and policy. We were just in Tokyo and Seoul, the average costs of rents in New York City: ~$3,900 – $4,200 vs Tokyo: ~$1,200 – $1,350 and vs Seoul: ~$950 – $1,100. Renters will move if there are affordable newer options in cities instead of treating boomer asset holding rent seekers as a privileged class.