I was going to say that of course I want them built Melvin, but thinking it through I think I may agree with your assertion that they should not be built.
My reasoning (as ever) is simple.
The housing to be built is not of the type needed.
We need family homes that a person on an average wage can afford to rent. We need smaller homes that single people and couples can afford to rent from their low wages, and perhaps save towards affording something better or even buying. We need homes that are suitable for the elderly to move into, affordable and easy to maintain.
In short, we need the sort of homes Councils were building when they developed the New Towns, and the sort of environments and ethos that was the concept of the Garden Cities.
Instead we are going to get todays version of the failed previous vision or hobbit homes reaching into the sky for costs that are just as high, and the requisite Affordable units tucked in their own block, round the back, or somewhere in the main block where they might not depress property values to greatly. With all at market or near market rates little relief to the lack of affordability and the lack of supply will be made.
So why not build them and say, at least its some housing like we have been doing so over the past 20 years of similar construction. Because once they are built there is even less prospect of ever getting the housing we actually need. That land will be gone, and remaining land will thus be even more expensive. Meanwhile, the profits that built the scheme will have been sucked out into off shore accounts to avoid (legally) paying any tax which may have been used to fund social housing, or anything else we may need.
I don't see what Noah's Grandfather has to do with it. Solomon would be a closer offering. Although he massively improved the economy, and established a trading based strong kingdom such as to merit the paying of tribute by neighbours, little of that wealth was invested for the long term. True the rebuilding of the Temple was paid for, at a cost akin to the Millenium Dome no doubt, but it was for exclusive purpose and cost the common man much to maintain ongoing. Without investment in sustainable affordable housing and the establishment of meaningful manufacturing to prop up the trading activities, the inevitable bubble burst with wide reaching consequences.