Things are bad in the US for housing because we count on market forces to provide what's necessary. Market forces shut down development if housing prices drop. After all, why start a project if you have a chance of being underwater by the time you're done with it?
If you want affordable housing, it will have to be government-funded, allowing developers to continue making a profit while the government bears the loss. Another way of expressing it is the government pays for housing to be built at cost plus and then charges rent according to what people can afford, i.e., income and expense-based rent.
see: https://clmarohn.substack.com/p/what-happens-when-housing-pr...
If you want affordable housing, it will have to be government-funded, allowing developers to continue making a profit while the government bears the loss. Another way of expressing it is the government pays for housing to be built at cost plus and then charges rent according to what people can afford, i.e., income and expense-based rent.