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What we need is monthly fines for unfilled units, which are proportional to the rate being charged for the unit.
The problem twofold. First, property has been skyrocketing in value lately. You can practically buy an apartment and sit on it empty for a few years and flip it for a profit. There is very little pressure to actually fill a unit. Second, there is no mechanism to drive prices down.
We need to build a system that allows the price to rise with inflation, but also to fall with availability and demand.
Fine landlords for unfilled units. The fine is a proportion of their highest advertised rate for that unit. Now they have an incentive to fill that unit, make deals, and lower the price. The fines they pay go directly to subsidizing rent payments for low income renters, now they have extra buying power to get an apartment and off the street. We need to build systems that self balance/regulate.