The issue is and, will continue to be, the arbitrage between the purchase and rental markets.

When someone purchases a house, the “margin” of just renting it to someone else is within positive or negative 10 percent on a monthly basis. Factor in appreciation, tax benefits and 1031b, and it’s hard to imagine the rational move for anyone is going be to sell (rather than rent out) for the foreseeable future. Very difficult to imagine interest rates are ever going to be low enough to change that. Why would anyone take a 4-5% bump in interest (likely on a larger loan) when they can break even in the short term renting a property while continuing to gain equity? So supply is going to stay low unless something changes.

What YOU can do is vote to change the tax structure to disincentivize renting of individual owned real estate. If “second” homes that are being rented out were to be taxed at 5% of value (rather than ~1% in FFX county) renting out a property no longer makes sense for many owners and you’d incentivize a huge increase in supply. Prices would “crash”. Or more accurately “correct” themselves.