Perhaps we need a rethink. Why not a Non Profit Corporation largely staffed by volunteers (retirees with expertise? others?), using government owned land (park perimeters, reclaimed alleyways, higher density over schools, gov't buildings, community centres, etc.) producing high density rentals at cost recovery. This is probably above subsidized rates, but below market rates, and it goes down over time. It greatly increases availability of medium costt accommodation without adding debt. And try to streamline and speed up the project approval and delivery process as that is one of the big problems. If there are available lower cost alternatives it will have a moderating effect on markets. 

There are other alternatives, but this  was a reasonable example. When in doubt, work smart.