I am in Tampa Florida and we have a shortage of rentals and honest prices.  

IMO the inventory shortage has pushed primary buyers into investor territory. 

Seattle has become more lenient on ADU regulations because of the housing shortage. 

Fresno is a great place to look as we continue to grow in population and will continue to have a housing shortage for years to come.  

We're growing and currently have 13,000+ apartment shortages due to the spike in new jobs coming to the area. 

Plus the cost of most things goes up over time.I guess if the house shortage is bigger than the percentage of people leaving prices will still go up.

they create the environment that discourages additional development of residential units, are surprised when there is a housing shortage, are surprised when rents  rise so fast, and then blame the LL because we profited from actions that the tenants advocated.  

There are always cycles in real estate, but because of the size of the housing shortage, lack of new builds, and the largest economy in the country, it's hard to envision where we won't continue to see price and rent appreciation.

It can be done but it has to be in markets like we have here in Portland that has a SEVERE shortage of buildable lots and highly liquid builders or big companies to sell them to..

To answer your question: As for my market (San Diego) there is such a shortage of housing that even with a steady population we have been near nation high in RE appreciation each of the last few years.