A drastic increase in the supply of housing is the only thing that is going to help with long-term affordability at this point, so it seems a little counter-intuitive to do the opposite of incentivizing development by drawing a tax from developers that makes building new projects more expensive.

That being said, developers are certainly not hurting for profits these days, so I'm generally okay with it in the current context. But looking further out, affordability affects everyone in the city - is there some reason we shouldn't make the tax base to fund affordability as broad as possible rather than just plunk it all on the developers?