Developers can't build affordable housing.

A Nov. 29, 2012, Western Investor article, "Developers aim small to score big," reported that:

"Industry insiders have long held that the economic case hasn't existed for purpose-built rental accommodation because of high land prices, construction costs and the limited rent an owner can expect – even though the rental vacancy rate is low at around 2 per cent."

Yet, trusted voices from many quarters continue to insist that building "supply" will make "market rate" housing affordable. It is obvious that the only way to make housing affordable is to build affordable housing. For-profit housing developers by their own admission cannot do this.

Government can and did for many decades finance the construction of abundant, purpose-built affordable workforce housing, managed not-for-profit, before capitulating to the finance sector in 1993. It is high time to cut loose for-profit housing development and build massive quantities of social housing.

All that is lacking is the political will to do so.

Tens of billions in government subsidies to fossil fuel corporations, for example, whose profits doubled in 2022, would immediately be available to finance public housing development if Lester B. Pearson's 1965 prioritization of "the necessity for everybody to have a decent dwelling" motivated public policy again and private capital were left with no alternative but to invest in industry rather than to drive housing prices further into the stratosphere.