I think Henry George had the right idea.

Fact is, as people get more money, they want bigger homes, second homes, rental properties, etc...

It's going to be a never ending bidding war between citizens to own the most and nicest properties.

So the solution is to tax real estate at high rates, but give that money back in the form of deductibles on income tax to the middle class who live in their middle class owner occupied homes.

Another part is to let government build a huge supply of very basic, affordable housing, which then serves as a price anchor.

Basically, not outlawing homes as investment, but making them unappealing as investments.

Most developed countries had or have systems like this in place. They just need strengthening.