It means continuing to race to the bottom, building an unpleasant future where the average home you can live in is a shoe boxed sized condo.
We will not fix our housing issues by turning Toronto into Manhattan, we'll just tear down all the relatively dense and pleasant town homes and semi detached housing and replace them with shitty condo towers, meanwhile the suburbs will still sprawl endlessly with 100ft wide lots.
The way to fix housing without racing to the bottom is to build out transit networks to all our low density areas so they can naturally densify, not to replace our nicely dense neighbourhoods with hyper dense towers.
I do not understand why so many people on the left think that getting rid of all planning regulations and letting corporate real estate developers do whatever they want is somehow going to work out this time, and definitely not lead to our current situation of having massively built out housing that is so shitty no one actually wants to live in it.