There are many things that need change, but fixing the housing prices isn’t complicated, it’s just unpopular. You just need to take make speculating on housing as an asset very expensive. This will drive down the demand from non owner occupiers (businesses). It will also reduce the value of the largest asset most people own. People who invested so much into owning a home with the expectation that it will appreciate aren’t going to support policies that do the opposite.
We should’ve been taxing homes or land that people own but are not their primary residence, from the start.
It would be super easy to implement, and flexible - if housing prices are too high for 75% of the population, you raise those taxes little by little and the problem eventually sorts itself out. If it’s no longer a problem, you reduce the taxes.