Everyone needs to read Melinda Cooperās book, āCounterrevolutionā to understand the role of tax credits in the neoliberal economy, and their role in the inflation of asset values (like real estate) at the expense workers via wage stagnation.
Over the past 15 years over 70% of multi-family construction in New York has been built through a tax incentive program for āaffordableā housing.
There isnāt a ton of non tax break constructing and there wonāt be until rents rise a lot more or interest rates drop.