They do it through the government by creating arbitrary regulations and barriers to entry.
We are already living in a world where the housing monopolies are enforcing their will on the population.
Getting rid of these regulations, and allowing people to build so many houses that the market price gets driven into the ground, is how we take the market back for the people.
I live in Honolulu, Hawaii. Prices here are RIDICULOUS, but this is the last thing I want. At some point growth has to stop or we will lose what makes this place what it is.
Someone ELSE can come it, charge less, and get all the customers to go to them instead.
This is what allowing more houses to be built would do.
Thus preventing them from bootstrapping, or demonstrating profits to investors.
Except there are huge entry costs, and all that theoretical ROI disappears as soon as you enter the market, because the existing monopoly starts competing.
To make a profit, you need some advantage over the them, like efficiency, innovation or goodwill. If all you can do is exactly what they do but at market price, well... they can do that too.
If someone started building a whole bunch of housing in SOMA, do you believe that this ROI would disappear quickly, due to housing prices hitting rock bottom?
Do you really believe that would happen?