The key word is just. If all the new apartments are luxury or investment properties and your economy is unequal enough then investors will buy them all up and sit on them forever (because selling would drop the value of their portfolio). That keeps them off the market so housing prices never go down.

On the other hand if you also have public and co-op projects, rent control, vacancy and second home taxes to complement private developers then prices will definitely go down or at least stop growing faster than inflation. The housing market can never be competitive without state involvement because land is a natural monopoly.

Of course making building easier is also an important piece of the solution. One radical change I support is replace top-down zoning with a community vote so corrupt developers can't bribe their way to gentrification, and loud NIMBYs can't stop projects everyone else wants. Architects will hate it but cities are for the locals not for aesthetics.

A third of new construction in Amsterdam is social housing (subsidized housing for poor people).

Does this seem to you like it's working?