The actual reason is neither of those things. It's because not enough housing was built.
Leaving that aside I'm quite puzzled about something.
"Making everyone poor is fairer to the poor" is a curious idea that I've seen you express several times on HN recently. The first time I read it I thought you were being sardonic, but you sound quite earnest.
Given your previous opposition to communism and socialism I wonder why you have apparently changed your beliefs.
[1] https://justicegap.lsc.gov/resource/section-4-seeking-and-re...