What exactly would have you assume a "glass box" is "cheap"? The general shape of the structure is not necessarily a significant cost escalator (unless unique shifting forming is required) and glass depending on what systems are used can be rather expensive. I get rather tired of constantly hearing the word "cheap" tossed around by many people that don't have the slightest idea what the hard construction (labour + materials), land, impositions and softs costs/budgets for these structures actually are and what the challenges/risks involved in the process are.
Average $psf is continuing to creep upwards in large part due to cost pressures and that is not necessarily a good thing for long-term housing affordability, economic competitiveness with other major cities and for our quality of life here in Toronto. We all want to see better buildings, but to suggest a twin 58s project on Yonge Street designed by experienced and highly respected architects (yes they are somewhat repetitive, but Peter does produce very high quality work) situated on a small site that went for nearly $40m is somehow going to result in a “cheap†outcome is hyperbole to the extreme.
Another question would be - should everything be "expensive" rather than "cheap" - should we only construct high-end buildings with curtain wall, limestone and granite to LEED platinum standards for those that can afford very significant cost premiums? Where will the rest of us live? Or should public policy allow greater flexibility to provide for affordable middle class housing in a range of communities in a variety of housing forms/types. There is a responsibility to always strive to do better, but I'd suggest we are doing pretty well.
What ultimately is perhaps the greatest benefit of the condo boom the last decade is not necessarily architecture (nor should that be the only policy objective), but the way that the condo boom has revitalized many communities in the city, filled restaurants, retail strips, cultural institutions, bars and increased office demand while providing urban housing options for thousands of middle class households in the city (both through ownership and through investors that have become the de facto rental market).