“However in spite of all that the people have to come up with first, last, and a deposit which could easily start at $5,000”
In CA the landlord is restricted from asking for more than 1 month’s rent, plus a “reasonable” deposit.
It’ll be everywhere soon, along with strident rent control.
Thus the lack of incentive to be a landlord, resulting in fewer rental properties and higher rents. It's rocket science to the lebs.