Cities do need to increase housing supply and density, but jumping in bed with luxury developers is not the answer.
Need to include actual affordable housing (not just the "affordable" housing that these big cities push for) and not displace the current residents because your zeal for housing supply led you to jump in bed with a developer that wants to build a 100-unit building and charge $4K a month for each.
The 40/60 deals in DC through the low income tax credit have sadly managed to push out tons of low income folk to benefit middle class folk to build luxury housing that will remain luxury housing once those deals expire in 10-15 years. Its going to be very interesting to see how the LIHTC ends up shaping cities in a decade or so.