Increasing density helps a lot. The US mostly has lost the skills and will to do density. New York mostly stopped building enough to keep up with demand.
Look at Asia to see how to tackle these problems better. Eg Singapore.
Yes, it's not completely clear whether they'll have the political stomach to actually go through with letting the leases lapse at the end of their life.
It would probably have been better to use Land Value Taxes instead of relying on limited leases.