Or, hear me out on this, we could build more housing.
We could do this by upzoning basically the whole city, and by disempowering NIMBYs. Make it so that every location can build just a bit more densely, by right (i.e. where the approval is automatic).
Make it so you can build triplexes by right in what was an exclusively single family zoned area. Take areas with apartments and let them build a few stories taller. Let neighborhoods evolve into density over a decade or two.