The economics have to make sense on their own.
Here is one article that discusses some of the reasons the deals will not “pencil out” in many cases:
Btw—the article also mentions tax credits—those would require affordable housing which I discussed earlier.
Imho on a national level the number of new units created with totally private financing and no affordable housing requirements as a result is very small as a percentage of all new units, whether condo or apartment.