When housing becomes a for profit business, this is the result. It's happening in my city in Canada as well.
I have a homeless community sprouting up behind our cul de sac and it gets bigger each spring. It likely disappears in the winter, I've no desire to walk through the uncleared snow to find out. And a few blocks away people are camping out on sidewalks everywhere, it's becoming an epidemic, in a city that was once very affordable.