And you either have to make the "cheap places" more desirable (which raises their prices, but lowers pressure elsewhere) or you have to build more housing in the desirable areas.

You also have the issue that if someone does have a house, no matter what kind of house, it's a hassle and a half to move, so you have to provide some pretty darn strong incentives to get people to move.

My house ain't great, but I'd need something like $10-20k to consider moving to a nearly identical or even somewhat better house, just because of the costs and hassle associated with moving.

I think the main argument they are making is that affordability is less a demand/supply issue and more a tax policy issue. Implication being: if you cap rental income, you'll see a fall in private landlords but not necessarily less housing stock than if there were no rent controls.

>I'm not sure what they're pointing to as the reason for housing prices if it's not supply and demand.

They are saying the uncapped rental market makes housing as an asset class extremely profitable i.e. simple supply & demand argument is not strong enough alone to be the only driver.

>as people move out younger and marry later

What data do you have of people moving out younger? Everything I've seen is that younger generations are stuck living at their parent's house.