This doesn't work as a causal argument. For a causal argument, you need to estimate the counterfactual. If JC had built less housing, the prices in JC would likely be even higher.

Housing is MUCH more affordable in parts of the US where there are fewer restrictions on building and construction that drive up the price.

I suggest Matt Yglesias' book The Rent is Too Damn High: https://www.amazon.com/Rent-Too-Damn-High-Matters-ebook/dp/B0078XGJXO/ref=sr_1_1?keywords=the+rent+is+too+damn+high&qid=1671828970&sprefix=the+rent+is+too%2Caps%2C130&sr=8-1