Building more housing is tossed out as if this is a single dimension economics problem, like widgets in Freshman econ.
Perform a capacity utilization study of all available housing, where Capacity is the number of room days of housing available and utilization is the amount it is actually occupied. Then tag each of these housing units (room) across multiple dimensions including cost, location, house, apartment, condo, etc..
Find out how existing housing is actually being used and how much it is being used. Then adjust the financial incentives to change the usage to what you think it ought to be.
I live in an medium to high cost of living location and the number of underutilized properties due to second homes, opportunistic rentals, and basic investment properties (downtown condos) is substantial.
If someone can point me to a city that has performed a Housing Capacity Utilization study, I'd like to read it.