The vast majority of low-density housing in the US is owner occupied, and the majority of investor owned properties are already multi-unit dwellings. There is already plenty of incentive for self-interested investors to increase housing supply, the it seems implied that you’re in favour of a policy that changes the tax situation for owner-occupied homes.
Building more housing on sites when they change hands, though normal, unforced moves, when a person retires and moves to a new location, or when a person gets a new job and moves for it will provide ample land to build more housing. As long as people are allowed to.
Property taxes forcing people out of homes is a common scare tactic, but it's simple to provide homestead protections that would prevent any forced moves, and also allow the homeowner to capture the fantastic gains in wealth that accompany any land market where there is a shortage of housing. Property taxes only shift the non-resident real estate investor to make sure that they are providing what people need, rather than using idle wealth to keep people out of an area where lots of people want to live.