[slyall]

If people can't afford $1m apartments then developers will build cheaper ones if they can make the numbers work.

[ethbr1]

Or, they build nothing and allocate capital to a different city where luxury apartments are still selling.

[slyall]

In which case another developer will build them. Assuming the numbers make sense.

Either way refusing to allow apartments to be built because you fear they will be "luxury" is dumb. It just means that the only people who get to live there are the really rich who can afford a full-sized house.