We have the same problem here in Vancouver BC. The average rent for a 1-bedroom apartment is $1950, and for a 2-bedroom apartment, it's a whopping $3150. The median income in this city is about $67,000 per year, which means that affordable rent for a median income earner is about $1675/month (or 1/3 of gross monthly income). You can see how it's not difficult to end up homeless here...

And we have the same issue with tens of thousands of vacant investment properties.