Hong Kong politician and businessman Bernard Chan said that the violence in Hong Kong "has to stop," as the city prepares itself for another weekend of mass protests. And it is up to everyone to return the city to normalcy, Chan told CNBC on Friday.

"People are recognizing that this cant go on, a dialogue need to start somewhere ... you don't expect us to please either sides overnight … this have to take some time," said Chan, convenor of the Executive Council, Hong Kong's cabinet or panel of advisors to the city's leader, the chief executive.

"Land supply is a major problem in Hong Kong, and that's why there is a shortage in housings, so we have to use every meanings, including land resumption," he told "Street Signs."

The city's embattled leader Carrie Lam introduced a series of housing measures aimed at addressing some of those concerns in an annual policy speech on Wednesday, as the city enters its fifth month of demonstrations.

She called housing the "toughest livelihood issue" facing the city's citizens. She emphasized that housing issues are essential to social stability and "upward mobility," defined as climbing up to the next social level.

Hong Kong has been repeatedly ranked as the most expensive place to own a home. The Asian financial hub has an average living space of about 13 square meters per person in 2018 — or an area smaller than the size of two average bathtubs laid out side by side.

Some critics say the package of economic and social initiatives do little to address the underlying political issues or that it has simply come too late. Chan said, however, "one can argue there is never enough," defending Lam's new policies as "something out of the ordinary."