I would say that it should be a mix of all three of these answers

If it houses the homeless, that's always good to get someone a safe place to live. If it is within a city, and trying to make the downtown area more densified, that's always a good thing for the environment, and we should also encourage people to open up their homes to people looking to rent, within reason as they don't always feel safe doing so. But yes, I would say building 1.4 million homes is a good idea, as we are going to need them, and though it might not solve everything with the affordability crisis, we can at least increase demand, and do other things like stopping speculation buying.