A lot of this is the rush of foreign investment and the government you elect caring more about the tax revenue from people who don't even live in your country over the welfare of their own constituents.
Agreed, however it's also a result of overly strict building and zoning codes that don't allow density to increase in exchange for a reasonable price.
The result, however, is tragic. People just live in "illegal" housing situations like stuffing 4 or 5 people into a 1 bedroom or 2 bedroom apartment, where people just create temporary walls to zone off part of the living room or use an extra large closet for extra "bedrooms".
Thus the city loses out on tax revenue AND preventing population increase in certain areas, which is the whole point of these restrictive zoning laws.
The result, however, is tragic. People just live in "illegal" housing situations like stuffing 4 or 5 people into a 1 bedroom or 2 bedroom apartment, where people just create temporary walls to zone off part of the living room or use an extra large closet for extra "bedrooms".
Thus the city loses out on tax revenue AND preventing population increase in certain areas, which is the whole point of these restrictive zoning laws.