The article says nothing about price. Based on precedent, we can expect this glut of luxury housing to reduce housing prices and rents in the affected markets.
Precedent: "Zillow data from 2013 to 2018" shows "new buildings lower nearby rents in low-income neighborhoods" [1]. In New York, "new high-rise construction (greater than seven stories caused nearby high-end and mid-range rental building rents to decrease" and no "significant rental decreases for housing at the low-end of the mark." The only place luxury housing had a gentrification effect, i.e. where more luxury housing increased community amenities, thereby causing "lower tier housing" to see "a 6.6% rise in rental pricing compared to comparison" was Minneapolis, and that's due to "a limited number of low market tier buildings in th[e] distance band."
Anecdotally, I years ago used the opening of luxury buildings in my Manhattan neighbourhood to negotiate a lower rent. The builidngs, which opened around the same time, competed heavily on discounted amenities. My building was 25% unoccupied; I showed my landlord the math for why, after accounting for gym and laundry costs, the luxury building was cheaper than our pre-War given the rent I was paying. He agreed and lowered it. (If he hadn't, I'd have moved and saved money.)
[1] https://www.pdx.edu/realestate/sites/realestate.web.wdt.pdx....