I don’t think that is the only solution.

I like what Singapore is doing - having a government built “base level” of housing that is both abundant and readily available - it can anchor the price where deep excesses are harder to end up with.

It’s like a market where a very significant player keeps the price law, because of its own reasons.

In such a scenario the price will not go up as sharply, so there would be less incentive for people to buy real estate just as a financial vehicle.

And the government can also prioritise who it sells the units it builds to - e.g. not investors.

I honestly am surprised why western governments are not trying this.