A lot of signs point to it already beginning.
This is a quick reminder that (looking at you fellow Americans) authoritarian governments are incredibly inefficient economically at best, are always ran by idiots, and are completely detrimental to everything at worst.
If you're American, the problem here actually isn't the number of residences, there are plenty of those. The problem is that developers only want to invest in single family units or high value apartments. We need policy makers who will actually tax absentee landlords and developers of high value properties to the point that local developers begin seeing more profit in creating affordable housing. In fact, affordable housing can be some of the most profitable even without increased tax burden but try convincing a group of investors that.
ITT: Fuck that thing you like