Rising Rents from Wages

Rents only get pumped up if we don't have enough housing to go around... in which case regular incomes do the same thing.

Doesn't this just trickle down to the renter, who has few alternative housing options?

Not everyone has rents that can rise.

You've assumed locals own the housing, when really most of them are renting. Rental prices go up; everybody loses.

i'm not the person you replied but if wages lag furhter, how rents going up? it should go down since there is noone to be able to pay higher rents. they have no choice but either convince homeowner or downgrade. and Group A(rich + upper-middle) won't rent since they have enough wealth to buy a house, they may upgrade and cause inflation in luxury houses/goods.

Housing as an investment is the problem here. The cost of the houses and the cost of the rent are adjusting to the income, if you double the income in the region you will have triple the rent (because the disposable income will increase much more than the actual income increase). See Silicon Valley for a good demonstration of this.

Many people want and/or need to rent. How would this not just drive up rent 9%

There would be massive housing price and rent inflation.

I don't think they're going to move that easily. Rent has been going so much it is eating a larger income share than before for many of them too.So what that leaves you with is disproportionate increase of demand and prices for smaller cheaper units.

Look at it this way: you are missing out on 25% rent hikes.https://thehustle.co/why-is-rent-skyrocketing/