Lots of high growth cities accomplish this, look at singapore, Thailand, Vietnam, India, etc. Not just China, but, no, we want to preserve character while at the same time remain affordable, two opposing forces.  And truth be told, change should be the only constant.
I understand we have a bit of envy vis a vis Europe, given their thousand plus year histories of cities, but I prefer the more pragmatic eastern philosophical take and action.  When you need housing and transit, you promote it and build it.