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High wages and limited supply of housing results in high housing prices, that's the same story here in the UK.
It can be changed either by reducing demand (e.g. Brexit -> 1m people left London -> rent falls by 8%) or increasing supply (open new land for construction, introduce cheap public housing).
Of course, high rent prices also result in increased prevalence of rentiers - people who do no work except for owning stuff, something that Adam Smith warned about ~200 years ago.
