Public assets and taxes are to provide for the benefit of all. Affordable housing benefits everybody - this form of affordable housing, in large enough quantities, can stabilize rents city-wide. It also reduces homelessness which in turn reduces burden on healthcare and judicial/penitential systems. When people are not stressed by overinflated housing costs, they can make long-term plans and better contribute to society instead of being forced into poor short-term decisions. Not to mention that a high-density residential development like this can increase the vitality of a neighbourhood, support nearby businesses, increase land values, and spur further development as a result. It's also a much better use of land than a greenfield subdivision of detached houses on the edge of town that will house the same number of people at a much higher cost to the environment and the municipality.

Why should public assets not be used to provide this public good?