With software let me phrase it this way: ebay increased the prices of goods domestically because anyone could search up the 'value' of an item in a global context. This resulted in sellers demanding ridiculous prices locally. Yes, an American using USD might buy that from you at that price, but no local will. They're not even listing the item for sale on ebay, just using it as a tool to price. Sellers are all independent, but ebay had a large effect on all those independent sellers. The real estate agencies are likewise being pushed to increase rents in a similar phenomenon.

In Australia it's often parroted that 1/3rd own a house, 1/3rd have a mortgage and 1/3rd rent. The mortgaged property didn't magically appear. The rental property has an owner. that's 1/3rd that controls the 2/3rds. A minority owns the land and jacks up prices for the majority. Yes, there's limits on what a market can bear. We're there. That's why it's termed a housing crisis. The homeless population is increasing. The pool of renters is increasing.

It's not incompetence in the Australian context either. It's literally been in the making for decades. Everyone knew what the results would be. It was deliberate. It continues to be deliberate. A minority are getting very wealthy off the backs of the working class.