I think this is definitely part of it but my understanding it's basically everywhere and not just high end locales.I heard an anecdote about Crested Butte, Colorado recently discussing this issue. The looks insanely beautiful and real estate prices have gone through the roof. Real estate investors and part-time residents/vacationers dropping huge amounts of cash on anything that comes on the market. Only problem is the town is small, there's no affordable housing in any sense of the term, and it's isolated. The result is a an idyllic vacation town with plenty of visitors and nearly all of its businesses having to shutdown or limit hours in some way due to labor shortages. Picture a packed main street in an idyllic tourist town with ice cream and souvenir stores shutdown and help wanted signs in every window. Weird.
Anyway, a lot of circumstances conspired to make Crested Butte especially bad, but it's hard to imagine similar things won't be happening all over the place in the future.
I'm thinking some additional factors could be 20/30 somethings living with (often freeloading off) their parents and high school/college aged kids not interested in working.