&quot;All this would accomplish ... build more luxury units ... concentrating even more wealth in the hands of property developers.&quot;<p>Building more units is the point.  Having enough supply that anyone can afford (to rent) a place to live is the point.  I don&#x27;t see how concentration of wealth is relevant here.<p>&quot;This is basically exactly what&#x27;s happening in Vancouver&quot;<p>Vancouver has plenty of undeveloped and underdeveloped land.  Supply of residential units available for new renters is constrained by (1) rent controls, (2) NIMBYism preventing new homes near existing homes, (3) the city government not wanting to re-zone industrial land as residential.<p>A luxury $1m condo isn&#x27;t that price due to something inherent in the condo.  It&#x27;s due to its location and the supply&#x2F;demand in the city.  The same condo in Detroit wouldn&#x27;t cost the same.<p>Additional supply (of whatever types of units) would increase supply and, by definition, allow more people to afford to live in the area.