I agree that we need to incentivize the construction of more supply, but while adding supply takes a long time, reducing demand can be done with the stroke of a pen. Here are some ideas that can be implemented overnight:

• Singapore-style taxation of residential units sold to corporations, non-residents and people who already own a home.
• Yearly tax on residential units, offset by refundable tax credits. This means that only non-residents would pay this tax, discouraging foreign speculators.
• Switch from a property tax to a land value tax to discourage real estate hoarding. A land value tax encourages land to be used.
• Temporary reduction of immigration quotas of all kinds, to be progressively relaxed over time as specific housing targets are reached.