The issue is that the state has a housing shortage of ~108,000 units. The amount we are building isn't enough to put a meaningful dent in that, so rent keeps rising. If we actually built enough to erase that deficit, rent would indeed stabilize as the supply of housing would accurately reflect the demand.

But that doesn't mean we shouldn't build what we are already building simply because it's not enough. If we stopped building what we are currently building, the deficit would get even worse and the rate of rent increase would be even worse than it already is.