As a cheapskate on a budget, all the housing I've lived in was built before I was born. I don't really care what the price of brand new housing is, I've never even looked at that stuff. What I care about is that older one-bedrooms start at $1500 a month.
When we don't build anything new, that's what happens. It's not the wealthy that suffer in a housing shortage; they're perfectly capable of buying an old house and renovating it. The people saying "oh, we can't build new housing because new things are expensive" are not our friends.