Stories like these are unfortunate, but inevitable.
Consider the investment from the homeowner's perspective...
$1 million tied up.
Getting say $2,000 per month(?), less property taxes, insurance, maintenance.....
They are making a 2% return, if they are lucky.  Taking on huge risk (bubble, bad tenants, floods...)
Sure, they have enjoyed capital appreciation lately, but that is not guaranteed to go on.
Better to buy a bank stock, earn 4% tax preferred dividend income, fairly valued, liquid (in smaller quantities at low cost)....  and on and on.  There are still risks of course, but way less.

I have been a renter and understand the frustration, but if it were not for "evil, greedy landlords" where would many people live?