You need to correctly align incentives - anything else won't work. The way you align incentives is through a Land Value Tax. Currently lower supply means highe

You need to correctly align incentives - anything else won't work. The way you align incentives is through a Land Value Tax. Currently lower supply means higher prices, which benefits existing owners, so they vote for that. Under a LVT, lower supply means higher taxes instead of higher prices. You can resolve this issue through a 100% LVT. A 100% LVT would set land prices to zero. You would still need to pay for the building on top of the land. A good way to transition to this system is by giving everyone land tax credits equal to the value of their land. This is beneficial for everyone right now because the Fed is raising rates, that will yield lower land prices, and thus by zeroing out the risk of lower housing prices as we move into this recession through a one-time credit, everyone is better off. If you want to preserve those bubble prices, you want to quickly vote in a LVT.