Surprised there aren’t more comments here. This is great news for affordable housing right?
Has there ever been an effort of freeing up high density construction that resulted in lower housing prices? In the places I lived, new construction of big apartment complexes was correlated with prices going up. The new buildings charged more for rent, people paid it, and the surrounding housing followed.
https://www.rba.gov.au/publications/rdp/2018/pdf/rdp2018-03....
The mechanism is clear cut. Restrict supply, price goes up. There's quite a bit of empirical support as well.
I don't doubt what you've observed but I think it needs to be addressed rigorously.