There is another whole side to prices, and that is demand. Decrease the demand, and you decrease the prices. I haven't researched the issue in depth, but what I did research seemed to show that demand has at least as much effect on prices as supply.
So, how do you decrease demand? For one, prevent non-citizens from purchasing property. That is common in the rest of the world.
But, if you're not a fan of that, you can still decrease demand by encouraging growth in other urban areas - give out grants, economic development, tax incentives, education funding, infrastructure funding, etc.
And, if that doesn't work, then just make high-demand areas less attractive. Some of that would just work out naturally as wages increase and services become more expensive.
I respect the NYT, but I can't help but wonder if the building and development industry influenced this.
So, how do you decrease demand? For one, prevent non-citizens from purchasing property. That is common in the rest of the world.
But, if you're not a fan of that, you can still decrease demand by encouraging growth in other urban areas - give out grants, economic development, tax incentives, education funding, infrastructure funding, etc.
And, if that doesn't work, then just make high-demand areas less attractive. Some of that would just work out naturally as wages increase and services become more expensive.
I respect the NYT, but I can't help but wonder if the building and development industry influenced this.