As far as the city owns the land that could be used for new expensive apartments, or if the city can at least tax a good part the profits private parties make f

As far as the city owns the land that could be used for new expensive apartments, or if the city can at least tax a good part the profits private parties make from building more units, the city would a lot of extra income, and could use part of this income for e.g. providing subsidized housing.