You can have increased density with mandated affordable housing without needing high rise developments.
https://www.strongtowns.org/journal/2021/7/13/housing-scarci...
In short it will take a decade or two of building to make a difference to those living in tents.
Also living in tents often implies other issues. More housing will not solve anything if your real issue is serious mental illness. There will also be a few people living in tents/on the street because their reason for living in tents is not related to the cost of housing. Building more housing will make a difference to those who's problem is housing is too expensive, but it can't help those who's problems are not high cost of housing.
For everyone else, we are in desperate demand of 'inner city high rise'