Land is a very scarce resource, not well suited for the free market. Also i find it "funny" that at least in my country paying a mortgage is actually cheaper than paying rent. It's just that banks have very strict requirements for financing people and so the problem is not that you can't afford the mortgage with your job income, but that you lack the initial capital to invest. Which feels honestly unjust and allows wealthy people to purchase all land and set whatever prices they want.

The barrier to entry for the market is too hig. Thus It's a market that's way too prone to monopolies and needs a strong regulation.

Also. Take the exact same apartment in the city center and take another one in a remote place. The rent for second one will be a lot cheaper even though the value of the materials of the building is the same, the costs of building up the apartment are the same etc. So called essential workers, who work near the city centre will not be able to afford an apartment close to where they work and will have to sustain additional costs for commuting, increasing their burden on society (infrastructure) and the environment, which is inefficient. And they will have a lower standard of life. This is shittier for everyone but the landlords.