See https://fullstackeconomics.com/how-luxury-apartment-building... for the empirical research refuting that point and agreeing with the basic supply-demand issue. The issue in Toronto is not just the anecdotal "new condo buildings" but how much housing Toronto has built per capita for the last several decades, which is almost certainly "too little." See the link in my original post to data from Tokyo, which is one of the few cities to have done housing right.

"Filtering" has always been a housing phenomenon: https://cityobservatory.org/what-filtering-can-and-cant-do/ and https://cityobservatory.org/how-luxury-housing-becomes-affor....