I have a proposed fix for this. Hear me out. We increase the property tax by all homes owned by someone by 1% per home for the first 3 homes, and 2-3% for each home owned beyond that.

This will allow people to still purchase a second home (and a possible vacation home), whilst still being able to rent out one or make repairs prior to selling. This will vastly remove the profitability of a homeownership, and instead become a vanity vehicle for the Uber rich to only own homes for themselves vs renting (it would no longer make sense to own 6+ homes as the cost would VASTLY outweigh the income on rental units).

In New Zealand alone this would free up a minimum of around 200,000+ homes within the next 2 years.

In an effort to remove loopholes, homeownership (single-dwelling units) can no longer be owned by business entities, and homes counted towards this tax would also derive from dependents so you can’t just “gift” 2-3 homes to each one of your <18y.o. children.

If anyone can think of anything else, I’m open to suggestions…