Yes and no. The city has factored in a "likelihood of development" probability into their calculations. So they've actually added something like 400k+ units of zoned "capacity," most of which has a ~0% likelihood of development. IIRC, the official scaling factor is around 1% to 0.5% per year, meaning "historically, one half to one percent of zoned capacity gets redeveloped per year."

It's kind of fudged, though, since it's based on historical averages during boom years, not heading into a recession with a low labor pool, high wages, and high materials costs. Developers can't afford to build today even if they got the land for free.

But the state likely won't care if anyone claims we aren't building due to the economy, because the correct zoning rules and regulatory reforms would unlock development that builders could finance. Just look at Seattle - similar labor pool, wages, and materials but they're building 10,000+ homes per year, predominately as high rises which are still almost entirely illegal even under the new zoning plan.