I would think that investors could make a reasonable profit building a gleaming new city with thousands of affordable homes, not fancy or luxury but stand-alone structures with garage and yard, what used to be considered the American dream of home ownership, with retail and industrial zones to provide employment.
Inexpensive cost of living allows for modest salaries and wages, which allows for lower cost basis for manufacturers and other industries.
If I had the money, heck, I'd do it. Driving across Arizona, New Mexico, and Texas, I saw millions of square miles of vast, untapped potential. A hundred new cities housing 100,000 each and providing ample employment would go a long way to solving these difficult housing problems, not to mention adding millions of net tax payers to the rolls, providing vast new opportunities for construction and trades, box stores, small retailers, manufacturers, service providers, etc.
We need to think a bit outside the box, or in this case outside the fossilized cities that have become poverty traps for so many.