No, I don't think that is the same thing. In this case they are specifically lowering the standard of living. If the standard of living returns to a more normal state, where more traditional accommodation becomes more affordable, their investment becomes unprofitable. That is more like if a farmer would permanently change their fields to something that is high priced at the moment. Which would be speculation.
Building additional housing lowers the standard of living? Obviously some people think it's more attractive than the alternative, or else they wouldn't live there...