There's no requirement that the developer is a public agency and only 20% of the apartments must be made available to families making $74,000 or less.
This is far into the salary scale for Davis School District educators, for example. https://resources.finalsite.net/images/v1593632639/davisk12u...
Time to start working through some pro-formas, this might have a lot of potential.
Prop 13 typically makes it really really hard for new landlords to compete, since long-time landlords pay nearly zero in taxes, but this might actually pencil.
Plus modern design philosophy solves many of the issues by making the common/public areas more visible rather than less. Also cameras/CCTV are so cheap now there's little chance of serious violent crime occurring.
Instead of declaring our surrender, why don't we learn from the places that got it right?