Sure, and also ruin the investments of the property owners who are anything but rich, but managed to scrape their away into buying property anyway.
But who cares about them as long as current renters get to take their homes? /s
Well, if they are living in their house, I am not sure why it would matter if the value of it goes down.
They will still have a house to live in.
If instead it is an "investment", well that's the risk of investing. Nobody is forcing them to sell.
It is actually literally the opposite. It is that other people want to have a right to build stuff on property that they own, and the other home owner wants to force people not to do thie, in order to protect their investment.
How about people are instead allowed to build things on property that they own and nobody forces them to do otherwise?
Yes, I am sure that this is what the home owners who own multi-million dollar properties would want. Either leave or drive up their housing prices.
But another solution is to vote for new laws that would increase their taxes (an thus incentive them to sell), or vote for laws that would drive down the price of their investment.
The renters in the city are slowly but surely increasing in voting power, as less and less people are able to afford owning property, until we are soon able to outvote the rich property owners. And when that happens we can pass laws that will reduce prices, raise taxes on the rich property owners, and ruin their investments.