There are cheaper ways to hedge inflation. Also, people with careers don’t really need to hedge inflation especially.
In 1960 rent was about 10% of median income. Today it’s more like 30%. This might sound bad but in 1960 food was 30% of median income and today it’s around 10%. Prices are always relative, it’s impossible for everything to get cheaper. There’s no reason to assume rent is especially prone to this except that it has been over a certain period. Other periods it has been the opposite.
The markets with rent control have astronomical increases in rent when compared to markets without rent control. Also, you lose supply when there is a unit that it doesn't make sense to renovate because the future rent won't be high enough to cover it. So it remains unrented instead.
I mean, I would argue that's why rent control exists in the first place: Because there is a market with astronomical increases in rent (not the other way around, like you are suggesting)
In 1960 rent was about 10% of median income. Today it’s more like 30%. This might sound bad but in 1960 food was 30% of median income and today it’s around 10%. Prices are always relative, it’s impossible for everything to get cheaper. There’s no reason to assume rent is especially prone to this except that it has been over a certain period. Other periods it has been the opposite.