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.

It hadn't worked prior to April 2023. It is really too early to tell if the elevated rates after that have worked.