The problem is what actually happens when there are a lot of renters is that politicians promise the existing renters they'll impose rent control, which is basically a cross-subsidy that transfers money from newer renters to older ones while increasing average rents. Tomorrow's new renters don't live in the jurisdiction yet, so they can't vote against it, and enough of a minority of existing renters can be convinced they'll come out ahead that way that when you combine them with the minority of land owners they achieve 51% of the vote.

Then the land owners can push through whatever price-exploding rules they want as long as they can maintain that 51% by promising the Judas tenants that their rents will stay the same.