You don't try and control house prices directly. You use regulations to make unproductive real estate speculation unattractive relative to productive investment

You don't try and control house prices directly. You use regulations to make unproductive real estate speculation unattractive relative to productive investment. You control the supply of credit available for real estate speculation, via prudential regulations, and employ capital controls and residency requirements against inflows of unproductive capital from overseas. Unearned rents in the form of land price increases can be recaptured via taxation, in the form of broad based land tax, capital gains tax and vacancy tax.