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Renting by itself would be fine, it's just that there's barely any rent control in North America, and you're constantly at the mercy of your landlord, inflation and general greed. Put national standards for renter protection and rent increases in place and this would be much less of a problem.
Renting should never be the goal and always leaves you at a disadvantage and subject to market forces.
For decades renters were "pulling one over" on landlords and told there was no reason to ever own a home. Now it's come back to bite them in the ass.
Rent wouldn't even be an issue if everyone had been fighting for unions and min wage increases all along.
This would still have happened with stronger wages, it just would have taken longer to get so bad. There was never sufficient supply and that was on purpose.
Wouldn't it make sense to minimize that disadvantage then? There will always be people who have no other choice but rent, so they should be protected from exploitation. And stronger renter protection could cool down the housing market, because it makes being a landlord work multiple properties less attractive. Win-win if you ask me.