Making for-profit private organizations do not-for-profit work will never work. They'll either find a way to get around it, or just not do it in the first place.

Won't be surprised if we suddenly see a host of new 4842 square feet projects, or maybe joint projects between multiple companies (all probably owned by the same guy) that split ownership so that nobody builds more than 4842 square feet on a single plot of land.

Or alternatively they'll just hand over useless land somewhere else in exchange for building that massive high value condo or something.

The only way to make affordable housing is to either rely on not-for-profit organizations, or the government to do it themselves.