> Unfortunately as the Tiktaalik mentioned, we have a housing shortage now. So the trickle-down economics of luxury housing won't work for at least a generation.

What data are you basing this claim off of? Many people (especially young people in finance and tech) move every few years, and some of them want luxury apartments. That reduces the demand for cheaper housing stock. A 25 y/o moving to SF isn't going to buy an apartment and stay there for their entire life.