And while an accurate depiction of how this affects the people who were barely hanging on in the first place, there is a later step, where people who /have/ been renting all their lives in one area find themselves unable to continue to pay rent. You're not necessarily a homeowner if you're not at constant risk of homelessness.
I've seen this while squatting; our neighbours were people who had lived in the same community for 70 years, and their option once the landlord had decided to tear the building down and replace it with "luxury apartments" was far away from everyone they had known all their lives. There were several similar stories in the area.