Bus Rapid Transit expansion is a near-term fix that can happen in a year or two. Rezones and construction to densify a city take longer. I don't think these two solutions are incompatible - they address the problem at different time scales.
That being said, the roadways are public property, and should be redesigned to be on a road diet, but building structures in the middle is perhaps not the best idea. Parkifying some sections, expanding others into plazas (while infilling parking to densify) and selling the edges of the roadway to new development so it may be denser would be better approaches.
The rezones happening in our city boost the building density permitted in most of the city while requiring that some of that extra capacity be dedicated to low-income units. It's net positive for those in need of affordable housing and lets developers build bigger, which hardly hurts the economy.
We can have $800 apartments inside the city if we so choose, but with zoning forcing developers to build skinny dual towers and similar, we are forcing the minimum apartment price skywards.
Zoning adds risk to projects and creates an overheated housing market, where the cost of housing is land cost, construction costs, & zoning cost plus whatever the seller can get thanks to the artificially constrained supply.
"They aren't making more land" is entirely due to zoning ensuring most of the city is underdeveloped.