Possibly the opposite. If you own a home on a lot that previously you could only build one or two units on, but now you can build N+ units, that lot is worth a lot more.

You should expect rent to fall though, multiple studies (https://www.econstor.eu/bitstream/10419/224569/1/vfs-2020-pi... | https://docs.wixstatic.com/ugd/7fc2bf_ee1737c3c9d4468881bf14...) have shown that increasing rental units lowers rents.

The math of this: a lot with 1 unit, worth $1m today, becomes a lot worth $3m and 10 units on it. So the cost per unit is $300k; unit price goes down, but value for the original land owner goes up.