Ok, but wasn't the whole point of this that market-rare housing is becoming unaffordable, hence so many homeless? So how will this project then help reduce the homeless population?
Evidently, there are enough buyers/renters around who can afford the higher prices and are able to price out the $30k/year group. So what would prevent rent or prices from rising to the same unaffordable levels in the new development, if there is still demand from this higher-paying group?
I feel if the market rate becomes unaffordable for middle-class fulltime employees, then you have an inequality problem, not a supply problem.
It's not clear to me that's sufficient. You may also need something like a property profit tax to reduce speculation on housing.