I'm a property owner and wanted to say that I completely agree with the sentiments I have seen expressed on this sub about housing costs and the attitudes of landlords. The idea that a person would live off passive rental income is absurd and perpetuates the gross inequality that exists in the United States. Charging excessive rental prices basically guarantees that the average person will never be able to save enough money for the down payment on a house that would allow them to start building wealth through home ownership. Real estate should be considered a long-term investment, not a primary source of income.
In my case as a condo owner, my goal is to break even on my expenses (mortgage, insurance, tax, HOA, and maintenance) with the income I receive from rent. My investment will pay off over time through building equity and appreciation of the property value.
I think a completely reasonable and necessary regulation in the U.S. housing market would be to require that rental properties be priced at cost. That is, in order for a landlord to raise the rent price, they must demonstrate that their costs of ownership have risen (e.g. a property tax increase, costs for major repairs, etc). This would still allow them a long-term return on their investment, but would bring down housing costs for the average person.
Nobody deserves to live off the work of others simply because they are already wealthy enough to own property.