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this post was submitted on 01 Jun 2025
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You handle it the same way we're handling the crazy high rents right now, by letting some people get hurt. It's just a matter of who.
In the current system we have, it's the non-homeowners that are getting fucked, and recent home purchasers too, but since new non-homeowners keep joining the population (kids grow up, and immigrants) that means continual pain for more and more people in a never ending pyramid scheme of sky high prices.
If we crash the market in the way I propose, current homeowners will get absolutely fucked (including me), but going forward the prices will now be affordable and controlled for everyone. It will also make for a much healthier overall economy.
As soon as the home prices hit rock bottom, far below the supply-demand level, people will buy cheap, then raise the price way back up because there will be a bidding war and those with money will still bid the prices way up. House prices are where they should be. The market decides. Only way around this is a pure socialist country where the 'government' owns all the land, and rents it out on a perpetual basis to those who want it. They can never sell it, so land prices can never go stratosphere. The government is always owns it. The rent is in lieu of property taxes.
That doesn't apply when the item has ongoing costs like a land value tax. People don't bid up items that return a negative value. This is why cars go down in value over time.
A high enough land value tax is the same as a government rent amount, but still allows for individual ownership and the benefits thereof (like being able to make changes to the property)