People are always looking for an outside villain in this story. Over the years it's been "Chinese buyers", AirBnBs, private equity, or "the rich" generally, but the thing is that the system is working exactly as it is supposed to. Middle class homeowners demand that their homes go up in value every year and they get what they want. Homes are explicitly called investments my every mainstream organization with any stake in the game. The ones responsible are indeed your neighbors, but not just the ones with investment properties. Talk to these people and between complaints about the price of eggs going up a buck or two you'll hear them mention "property values" frequently in casual conversation and beam with pride as they show you their Zillow Zestimate. Your government is happy for the increase in tax revenue (even as they carve out exemptions for their voter base). The ever increasing prices are all going to be paid by future generations, so there is no need to worry.

If Black Rock is guilty of anything here above all else, it's taking advantage of a situation deliberately created for someone else. If government policy wasn't already going balls to the wall trying to constantly pump up property values, there'd be no investment returns to be had.

Give me the levers of federal, state, and local government and I promise you I can completely tank property values in 48 hours or less.