The entirety of every city should be, at a minimum, low-medium density, permitting 2–3 storey row houses, townhouses, and apartments, without restricting people's ability to do low density if they want. And then everywhere within 500 metres of a train or BRT station should be zoned properly for 4–6 storeys at least.

But market forces cannot do the job alone. They don't have the incentive to. It's far more profitable to slowly release more properties on the market to keep prices high. So we need significant government involvement too. Fully 30% of the market should be owned by the government, with more under some form of government-mandated "affordable housing" category.

Plus strong tenant's rights, treating their home as their home first and foremost, more important than someone else's investment. That works with the tax incentive changes you mentioned to ease demand and reduce property prices, by making investment in housing look less appealing.