This is true in more places than the UK, countries that have Welfare/ Benefits are still crammed full of many people that are on the poverty line.
As time goes on things are getting more expensive but wages are largely stagnant and something has to give.
As it stands right now Millenials are going to have a tough time ever getting on the property ladder. Many are choosing to live with their parents well into adulthood and others have to seek shared accommodation as renting solo is just too costly.
Where I am now there's has been a huge increase in the use of food banks. A year ago the minimum wage was increased by almost 40 percent. However this didn't end up in people having more disposable income.
Businesses complained about their bottom lines and essentially, prices rose to compensate. Everything has gone up now so things cost more than they did then.
Landlords are also picking and choosing who they rent to now. Legally they cannot raise rents more than 1.8% annually. My building that I live in, when we moved in about a year ago. The rent for a two bedroom unit started at $1200 monthly. Now said units start at $1800; the same building and same units. As old tenants move out new ones come in and are paying far more.
Unfortunately despite being more connected than ever and having more ways to make our voices heard and group together. There doesn't seem to be any resistance. As prices rise and services and funds get slashed people simple rant but pay or do nothing.
I remember moving to the UK as a child in the 90s and hearing on the news that petrol was raising. It wasn't by much but there were protests and displays of anger. Now people simply shrug, say that's the way it is and continue to fill up their 4x4.
I don't know where it will end but things can't continue as is. They have been saying that the housing market bubble would burst for years but this has not happened. Instead we have rising interest rates and the bank now conducts something called a stress test before they approve you.