If you get rid of a lot of inefficiencies (unnecessary parking, land use segregation increase travel distances, and restrictions on multi family apartments), there will be so much more space available that it would lower housing prices by a lot for everyone. The tax revenues can also offset other taxes like income or sales taxes which also reduce inefficiency.

The problem with US cities is that they're not dense enough. Most of the US has spent the past half-centry actively making new high-density construction illegal or incredibly expensive, so everything is operating within the bounds of 1970s-80s construction being reused over and over again because it was grandfathered in.