This isn't new.
The worst was actually mid 2020 late 2021. I live in SF and don't have a car, so would rent up to 2 times a month for meetings in the far suburbs.
For the period above, not only did rental prices jump from $12-$50ish to $70-$110+, I had to wait 2 hours or more to get one.
The garages were literally empty and the rental car companies were turning around returned vehicles as fast as they could.
Note this wasn't just Hertz - I had this experience with multiple outfits including ones not in the Hertz family.
I also had issues in other cities: rental cars in Orlando and Miami were nuts in 2021 although doing a one way from say, Miami to Orlando would net a rental cost half or less of renting in either city and returning to the same location...
It is clear that the rental car companies went overboard in downsizing their fleets in 2020 and 2021 only to then hit the new car supply issue.