Won't this plan depress the real estate market?

Fucking aye hope so.   The price of real estate needs to go down.  Prices rose independent of household earnings, reducing the quality of life to pure stress and desperation.  My suggestion is to construct shitloads of cheap rent high rise apartment buildings, to house the working poor.  Still thinking a lot. it occurs that this might force rents down across the board.  Think of the new high rise wave as Housing Walmart.

Cheap consumer goods made in China has depressed consumer prices here.  American manufacturers  can't compete with cheaper imported goods.  Walmart distributes the goods.  One can't import real estate.  One can allocate it, establish policy regarding it, and price it to fit the needs of people earning the minimum wage.  If done, it may have the same effect on on real estate as Walmart has had on consumer markets.  At first glance, this sounds mighty bad.  Not so.   If real estate prices go significantly downward, the shift in cash flow could revitalize the economy.  More spendable income in the hands of the working poor.  And the middle class, as prices go down in the upper rent districts.  Which will be competing for occupancy with the cheaper high rise apartment.  The plan could force competition in business where none, at the moment, appears to exist.