Ultimately it's not really that complex to explain: there just literally aren't enough physical housing units of whatever kind in major US cities to meet demand (https://www.fanniemae.com/research-and-insights/perspectives...), so prices keep going up.
Unfortunately, there are a ton of people who will deny that that factual, well-studied shortage exists, and will try to blame its effects on anything and everything else even tangentially related.
Unfortunately, there are a ton of people who will deny that that factual, well-studied shortage exists, and will try to blame its effects on anything and everything else even tangentially related.