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Methinks it is only not hypocritical under a few circumstances:
Any other condition is in principle hypocritical... Although there is probably still a massive moral difference between someone with a severe disability who owns a few rentals to pay for bills vs a professional investor who systematically prices out locals to improve profit margins
What if you think affordable housing should be government subsidized? Or as is the case in many places, below market priced units that the builder is required to include, with limits on how they are used (income qualifications and owner occupation).
Neither of those requires you not to rent to other people. It would be like saying I'm for mental health services being paid for by the government but running a psychiatric business.
On this... I did read a prior research work suggesting that US government should use subsidy/housing vouchers in private markets instead of public housing construction; this way it helps with creating affordable housing while avoiding risks of defunding public housing projects due to political changes. I'm not sure if the findings of that work apply to other countries or if the author was mainly thinking about US
I guess I was thinking more about my personal morals. In terms of actual implementation, I do think you're correct that the goal of "affordable housing for everyone" can be done even in a completely private housing market, as long as the market is well-managed with abundant supply (so no shortages, no institutional landlords maximizing profits at 91% occupancy instead of 100%, etc)