There is a way to solve this problem. Britain had it in action and it worked fantastically well, until Thatcher fucked it up.

The government buys a bunch of property and rents it out at reasonable rates, popping the bubble. No one has to have communistic laws limiting their ability to charge rent on the still-over-inflated-value property they purchased. The government gets paid. Housing is cheap. Literally everyone wins except for people who were holding onto properties to rent them, who all of a sudden have to find something to do that is productive to society. Which is also a win.

Of course, because it is sensible, and rich people would lose value on their investments, it could never get past congress 🥲