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The amount of developable land has little to do with affordability.
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Sure it does. More developable land means land is cheaper. The price of new housing is almost entirely the price of land + cost of construction. Obviously not all land is created equal, some land is on Lake Shore Drive next to a park, and some land is a weed-infested toxic factory site on the South Side... but the city having a lot of land can only be a good thing when it comes to housing prices.
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As long as developers continue to build only luxury housing the cost of living in the city does rise.
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Stop getting hung up on "luxury". It's a meaningless ad word that has little relationship to the prices that are actually charged.
You're not wrong about taxes, but the high taxes we all have to pay (directly or indirectly via rent) is a direct consequence of the poor choices the city and state have made over the last 30 years that are unrelated to the structure of the housing market.