OTOH, real estate prices are extremely inflated. The immediate effect of new housing would be a deluge of property tax revenue. I would guess that it'd take at least 10-20 years for the net negative effects of Prop 13 to take hold, perhaps longer. But because of increased density (lower infrastructure cost per unit), they'd probably still be ahead of where they are now.

I think it's fair to say that the real calculus in Brisbane is simply opportunity cost: they get a better ROI with commercial than residential. And this calculus simply makes it easier to defend anti-development sentiment, which is really what it all comes down to.