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There are many things that need change, but fixing the housing prices isn't complicated, it's just unpopular. You just need to take make speculating on housing as an asset very expensive. This will drive down the demand from non owner occupiers (businesses). It will also reduce the value of the largest asset most people own. People who invested so much into owning a home with the expectation that it will appreciate aren't going to support policies that do the opposite.
We should've been taxing homes or land that people own but are not their primary residence, from the start.
It would be super easy to implement, and flexible - if housing prices are too high for 75% of the population, you raise those taxes little by little and the problem eventually sorts itself out. If it's no longer a problem, you reduce the taxes.
Or you keep those taxes the same and use the money to reinforce social programs to make sure no one in your area ever has to go homeless or hungry again.
Por que no los dos?
Raise taxes on 2nd homes, use the tax to fund social programs
The commenter I replied to said"when it's no longer a problem" to lower the taxes again, I'm suggesting to not lower them again. People who have multiple homes should be paying maximum taxes on all luxury items- homes, cars, airplanes, income, everything possible, and that money should be used to support social programs.
We already have first, primary, and only home exceptions to many things. There's no reason Frank and Martha's house should be any less valuable. The problem is housing as speculation is causing houses to be priced higher than their real value.