I agree with this sentiment and live it in practice here in Vienna.

Vienna has a HUGE number of city-owned housing that is subsidized. Around 50% of the everyone in Vienna lives in this subsidized housing.

Those of us lucky enough to have had money when we were young bought some rental property. However, because the city of Vienna is a huge competitor (and some rents are controlled), market pressure means rental prices stay very low.

How low? Most years the rental income doesn't cover the mortgage plus running costs, but comes close. The key (for me) was to slowly build equity so that after the flats are paid off I have independent revenue streams. Of course flats need regular maintenance and when they are empty there are still running costs to be paid.

Summary: Vienna private renters like me fulfill a market need - not everyone can or wants to live in a subsidized flat. But we are not able to make large profits because the socialist Vienna government puts a check on rents. I think this is the way it should be.