I think it likely has something to do with lobbying by said developers and property holders who don't want interest rates to go up. Their whole gamble is build

I think it likely has something to do with lobbying by said developers and property holders who don't want interest rates to go up. Their whole gamble is building big construction projects sold to investors looking to diversify their portfolio by grounding some of their holdings as physical real estate. As a held asset, these investors want their assets to grow in value, or at the very least, remain stable. If interest rates rise, the sky rocketing prices of real estate slows. This negatively affects the investors asset ratings and their ability to continue to loan against those assets to do even more with their money/assets. This vested interest is a shared agreement between big investors, large builders, and their subsidiaries. Actually building houses that are affordable to real people has absolutely nothing to do with their game plan.