You clearly do not understand the economics behind renting. Wealth extraction as you call it, isn't pure profit for the layers above. Your rent pays for the landlord's mortgage, maintenance, inspection and risk being taken on from a tenant. Your landlord pays the bank, who use the money to pay off their own obligations, including your grandparents pension plan. It would never be possible to adjust that system.

The other reason things are so high is there are too many people and not enough houses, so there's little opportunity for competition.