Also the building restrictions in a highly-populated area. I remember a person on here breaking down the costs of building multi-family housing. Basically in SF or LA you can only build high-priced multi-family housing to make any profit, otherwise it would be at a high loss and that is assuming something like rent controls, because otherwise the price would be driven up anyway.

Often the easiest thing to do is increase luxury supply (because by definition the rich have the money to buy).

And unless you have literally infinite incoming new residents or people who want to squat on unrented property, increasing the top-end supply will also increase other ranges. It might still not allow someone on minimum wage to live there, but the total number of units increases - unless you replace cheaper units with more expensive same or less density units.