Nobody ever went underwater on a house they can’t sell renting.
Things aren’t always black and white and individual circumstances matter. Sometimes people work on short term contracts and aren’t going to live somewhere for very long. Sometimes people need to move in a hurry and don’t have time to do due diligence buying a property.
As much as some of you may hate it, renting fills a need and isn’t always a bad thing.
The problem with the housing market is part euclidean zoning, part NIMBYism, part capitalism on too long of a leash. It really has nothing to do with rent vs buy.