This is how you get 15,000 new 15% profit margin luxury housing units sold to Chinese investors and left empty and 0 new affordable housing units.

We just need higher property taxes. This will mean that these store-of-wealth investments eat losses & stop consuming all the good land while city coffers start to fill up with money that can build public housing.

If you want lessons on how to solve an urban housing crisis look to 1950s Singapore not the building developers salivating over 15% margins on newbuild luxury apartments whining about NIMBYs getting in their way.