Other than the stem, does the rest of the plant looks fine? I agree, it could be from water stress. If it got too much water or has bad drainage, the roots in the soil might be in bad shape, so the plant will grow aerial roots in an effort to save itself.
The other option is that the plant is infected with Phytoplasma, which is a plant parasitic bacteria, transmitted by insects. Aerial root production is among the symptoms, as well as multiple leaf or stem growth from one area, phyllody, and some other symptoms. As its a bacteria that needs a living host to survive, you will rarely see dead or nectrotic tissues. Aerial roots can also be a response to stress from other diseases.
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Camille
Completely orchid obsessed and loving every minute of it....
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