Condos are politically caught between a rock and a hard place: leftists who think they turn cities into playgrounds for the rich, and reactionaries who think the government is trying to force everyone into multi-unit buildings.

Ownership is nice for the long term, but sometimes people just aren't ready for that. Some careers nowadays involve several training periods which happen in multiple different cities and stretch out for 8-12 years. Sometimes to get a good job in a less dynamic city you are better off working in SF/NY for a few years after school even if that's not where you want to end up. Maybe people learn faster that way. Retirees may be better off renting if they don't want to do maintenance and may only live there for a decade before moving into assisted living.

When you need to move in temporarily, you can always rent a flat from a person just like yourself who bought one and is renting it out individually. In the absense of rent control and abundance of constructions, offers are plentiful.