For reference, noise proofing a ~ 2000 sq.ft. house in 2020 cost about $2K as it was being built, so it's hard to make an argument about housing affordability, etc. We've had bad luck with older buildings that were renovated into "luxury living" apartments and with older non-renovated buildings.
We never rented a unit in a newer building, so I can't comment about those. It's possible that developers just pay the equivalent of two weeks rent per unit now to make the buildings be less miserable.
My take (while sleep deprived) was that the situation was just a giant "f--k the poor" on the part of the people that wrote the building codes.