This is a naive take. Building luxury condos has definitely caused prices to drop, it's just that the effect of increased demand increased prices by more. Without the supply increase housing would be even more expensive.
It takes chutzpah to assert a negative. But I appreciate that you honestly don't believe it. Perhaps this will cause you to update your priors?
[0]: https://research.upjohn.org/cgi/viewcontent.cgi?article=1325...