We completely agree. Costs have gone up and it is okay for prices to reflect that, However there is importantance in separating cost, revenue, and profit.

Just to spin a hypothetical here are some numbers: I am renting a unit for $100, so I made $100 in revenue. I then paid $60 in upkeep costs so my profit is only $40, but that pays my bills and I'm happy. Next year I find out my costs are going to be $80, I dont want to only make $20 profit so I raise my rent to $120.

That whole situation is fine so long as that $40 isnt my sole income and if the house burns to the ground or the tenant dies, I dont lose everything.

The issue is when the same scenario plays out like this: The next year I find out my costs are going up to $100, so I plan to raise rent to $140, but before i do i find out my friend down the street just built a new unit and rented it for $300. I figure since someone rented that apartment at that price i can ask that price from my renter so i do. They agree to it because their kid just started school and they want to stay in that school district. I bring in $300 revenue, costs are $100, I make $200 profit.

The next year it's the same. Cost increases $20 but another friend has built a new unit and is charging $500. I figure I'll try again since someone rented in the area for that price. My current renter can't afford it and moves out. I lower my price to $450 and get someone who couldn't afford $500, but can just squeeze by at $450. I bring in $450 revenue, costs are $120, I make $330 profit.

I am now an asshole....

Just because I could and someone did pay it I raised my rent enormously and made huge increases in profit.

That's just business, we agree on that, but that was and is someone's home. Legally, I shouldn't be allowed to do that. I priced a family out of their home, I'm making it so it's harder for the current people to save for their own future. If all my friends are doing the same thing we are collectively pricing whole communities out. If the whole country is doing it we are ruining people's chances to have stable housing.