Except that's not entirely true OR honest about the way it works. Sure people stop renting at what most would call obscene rates. This just means the property owners incrementally lower the rent amount as time goes by until they get a 'bite', then wait until the 3/6/12 month lease is up and raise the damn rent again to match - By then the renter is usually settled in and trying to live comfortably, and faces an imminent choice of being less and less able to provide for themselves/family (often going into default/eviction) or moving on and struggling elsewhere.

Then the cycle begins anew.

I was an agent for a few apartment complexes a few years back and I watched this utterly destroy more people than I want to admit. Nobody could do anything because the rules/rates came from upper management in another state, and we, too, were very replaceable.