Maybe you’re right, I’m generally wondering if there is a wealth transfer, but so far it seems much more complicated than any simple analysis or example I’ve seen.

The example you chose is a particularly bad one though because rents are down a lot this year in high cost of living areas.

Also, just in general there’s no reason housing should be a “supply constrained resource” by definition like you seem to be taking as a basic fact. Take a look at Tokyo for example.