I think ultimately the problem is that in society the middle and working class do not have a powerful voice representing their interests. In the old times they had unions. The threat of work stoppage was enough to guarantee that wages would keep pace with the cost of living. Now unions are marginalized and the middle class is fighting among themselves for table scraps. If wages had kept pace with productivity gains the high cost of rent wouldn't be nearly as acute as it is now.
I think ultimately the problem is that in society the middle and working class do not have a powerful voice representing their interests. In the old times they had unions. The threat of work stoppage was enough to guarantee that wages would keep pace with the cost of living. Now unions are marginalized and the middle class is fighting among themselves for table scraps. If wages had kept pace with productivity gains the high cost of rent wouldn't be nearly as acute as it is now.