Same story here in the States. Shoddy construction, but new! :/<br />
Lump the developers in with the bankers, and you've got a huge mountain of trouble and, politely, manure. It all boils down to greed even with existing real estate, and no, the lame excuse that property taxes are driving rents and mortgages high has about as much validity as a three and a half dollar bill.
Greed is capitalism
You're absolutely correct. And the government is part of the problem. But 20 storey flats aren't the answer. No one wants to live in a tower block.