You’re misunderstanding 2 fundamental things. First is that it’s very expensive to build anything in major US cities with the high cost of labor, materials, and permitting. Rent control completely tips the balance against building housing that you’ll rent out. Second is that the value of land is not going to depreciate in these premier US cities just because it’s not profitable to build rental units. There’s many valuable things you can do with that land, rental units will just stop getting built in favor of other things.

Not if we zone them for residential.