Edit to add: This would not really lower demand, it would just shift it. A major consequence would be a decrease in single-family homes for rent. If there wasn't a consequent increase in single-family buyers, then this would lead to mass unit housing owned by fewer landlords (less competition).
I personally favor regulatory innovations encouraging rent-to-own or other mechanisms that encourage home ownership, while making it relatively easy to move if a job demands it. Something like automatic mortgages that a buyer can 'default' on if they need to move, but said 'default' not hitting their credit rating much as it's effectively just turning over the house in good condition to the mortgage holder to resell to the next tenant. With the mortgage payments already paid being split in some way between the moving out tenant and the mortgage company. Alternatively, if you stay until your mortgage is paid off, you own it outright.
I am definitely not a real estate or credit expert, and I'm sure such a system would be difficult to implement, but it probably wouldn't be impossible to implement.