You should look at Vienna public housing then, rents there are typically less than 20% of the median monthly salary. Socialized housing works for the people that want to live and make a community with the limited time on this Earth they have.

It doesn't work for landlords that just want to extract wealth from others.

Relying on private developers that only want to build luxury housing is kinda how we're in this current mess. Expecting them to solve the problem we know, build more housing, is just silly. They didn't do it when money was the cheapest it ever was the last 15 years, they aren't going to start building it now.

This is why the government needs to step in and build more/better public housing.

It works for Vienna, this young chap even speaks about it at great length:

https://www.youtube.com/watch?v=LVuCZMLeWko

I sure hope he goes into politics, we need people with this type of imagination to better our society and give us hope for a better future which we can create now, not later.