Okay, that sounds fine, but what about an apartment high rise? That’s a residential property, and there’s not a great way to have it all be rental property without being owned by a corporation of some kind.
Then not all of them have to be for rent. In my country at least you can buy individual apartments.
Also you could allow them to own the property they build, but once sold off, they or another corporation (or individual with too many properties, maybe the limit can be 3 or 4) cannot buy them again.
Obviously I’m not a lawyer and this was just a quick suggestion. I expect people more familiar with the law can word this better.