Even if that were true, that's not an argument to not build. People need houses, the pricing is reflecting a shortage, denying house is denying people housing and there's no way to spin that reality.
I agree with you, building must commence. But it will not help lower income people or make things more affordable. It might lower the price from astronomical to, very, very high, but really what it will do is create more housing stock for more upper middle class people to move into the city.
So what you'll be left with is even more wealthy folks coming in, and never anything affordable for the blue collar folks.
