Exactly. People attempting collusion or whatever on housing units are betting on the continued lack of supply.And what collusion is that? It's frankly impossible to keep a cartel of hundreds to thousands of individual landlords aligned, and they can't just set prices at whatever the hell they feel like. It's not like Chicago or Austin landlords are somehow less greedy than Boston or San Francisco landlords. They can only charge as much as people are willing to pay - if there are tons of open units, people will tell the high-priced places to pound sand and rent somewhere else.
Plus, if you build enough, rents do fall. Austin has seen rents decrease (not just slow the rate of increase) because they've been keeping up with demand. https://www.kxan.com/news/local/austin/austin-among-metros-in-the-us-with-steepest-rent-declines/
As I’ve said before if you guys hate speculators then just let people build. They will be ruined.