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Like any city planning initiative, there can be downsides but this seems like a a good start and certainly better than just trying the same old methods. The challenge with housing is the Euclidean zoning that has been the controlling factor for 100 years, making it difficult for high density housing to be developed anywhere but very specific areas. Public / private partnerships are typically used for its efficiency and scale in urban renewal projects. The public ownership ensures that the long-term vision aligns with the city’s needs and public policy goals, while private firms can bring in the expertise, innovation, and financial backing to execute large, complex projects. There are a lot of European countries (France, Sweden, UK, etc) and Australia, that have already implemented this method. That said, hopefully the Mayor and his team have vetted any private orgs that they are partnering with, so that they don't have another CIM situation (where they company didn't provide the low income housing and the fees it paid were based on outdated property values)