Comment by jmcgough

Because it further reduces the number of homes available for people to actually live (which is why we have zoning laws), which inflates rent/housing prices. This forces the bottom rung out of the city, because they can't afford to live there, and now minimum wage jobs (which we need to run the services people want) can't be filled, artists and musicians disappear, and the city becomes a place only for tourists and the wealthy.