I think home construction will be the thing to do the job, it just takes time. For years, my area (The Triangle area of NC) has had a huge amount of home constr

I think home construction will be the thing to do the job, it just takes time. For years, my area (The Triangle area of NC) has had a huge amount of home construction that has kept home prices rising at only a very reasonable 3-4% per year over the past few decades, despite large job growth and lots of tech employment. No reason to get into a bidding war over an existing house if you can go a mile down the street and have your pick of 7 different new home communities. Suddenly when construction ground to a halt in early 2020, prices started spiking by 30%+ per year (extremely low interest rates obviously was a factor as well). Construction seems to be back in full swing over the past year, so basically anyone who wants a new house can buy one if they're willing to wait 6 months or so. New construction prices have leveled off and the junkiest tract houses are closing at $100K or more below their prices a year ago (still $200K more than they would have sold for in 2019 though).