Let population go down.

Remove low density housing downtown and built higher density. Have a land value tax. Prices will drop.

Actually educate and train the local workforce. Only allow immigration when it meets certain requirements or from very close countries. E.g. you have a business with 10 engineers with 5 years of experience. Prove you have tried to hire 10 engineers with 0 years of experience and none have been made redundant in the last 5 years. If there is a country wide shortage of those engineers with 5 years of experience then you can hire foreigners. Have lower business taxes in places with high unemployment. Public works for things like high speed rail and cycle paths.

Have free child care and free things for teenagers to do.

Taxes would go up but so would employment and discretionary income. Crime would drop.

Would be a win, win, win.

All it would require it telling members of the aristocracy, land owning MPs, and rich baby boomers all to fuck off.

Edit: also cheap renewable energy, robotics and precision fermentation is going to destroy the labour market anyway. So that's going to be a whole thing we need to deal with.