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Whether or not developers take advantage will still depend on market conditions and the costs to develop housing. For example, recently in LA county voters passed a transfer tax that is espected to quiet development somewhat: https://www.planetizen.com/news/2022/12/120395-critics-expec...

Plenty of other things beyond taxes add to costs as well. Onerous environmental review, having to add amenities like open courtyard space or balconies, how many elevators might be required, parking requirements, all adds to the cost per unit which leads to fewer units built per loan and the need for higher rents to make those costs pencil out. Even the amount of time things sit in review at city hall has costs. You could very well hit a situation where due to these constraints, not nearly as many builders take advantage of builders remedy as one might expect. This is part of the issue with allowing the onus of adding housing supply in our cities fall on an overregulated industry that depends on achieving a certain profit margin to function.