> The thing to look at isn't the after-the-fact windfall profits of successfully getting through community review, but the forward-looking expected profits of trying to get through community review.

I'll concede that lower profits from developer-subsidized housing my drive fewer attempted community reviews, and I'll also concede that it's possible that more attempted community reviews could result in more housing being built.

However, I still believe that the loss of profit from subsidized housing is not the significant factor holding back new construction; at least not when 3 bedrooms goes for 7 figures. Land costs and political friction currently dominate the equation; if you could easily buy a half acre and toss up 100 condos on it, the sale prices of those new condos would drop, and construction profits would become a pressing concern. (of course at that point housing would be affordable, so it's a moot point)