In a few places in the internet, I've read neighborhoods of London England are deserted as speculators have gobbled up neighborhoods. The speculators have no intention of renting. This means housing that is not available for anyone. This forces the rental market up.

Vancouver BC has a similar problem. Apparently, there is an additional tax on non-occupied housing, which should make it more expensive to speculate. But whether this is working or not is another matter.

It's a strange world.