…and has consequently created a housing shortage so severe that their decade-plus waiting list was at one time being considered for the Guinness Book of World Records[0].

Price controls leading to shortages and rationing is basically the microeconomics version of the First Law of Thermodynamics. It has had the same result literally everywhere it has been tried.

The solution lies in the supply. Always. If you want more people to have more of something at an affordable price, you have to make more of that thing.

[0]: https://www.bbc.com/worklife/article/20160517-this-is-one-ci...