I think the first step is banning interest only mortgages and then capping the total amount lent for rent to buy by individuals and companies and possibly removing any distinction between the two as they both serve the same end of enriching private individuals at the public's expense. This would be extended by continually reducing the amount lent with a double cap of an absolute credit and income percentage. Normal mortgages would still be allowed but at reduced ratios like 2:1 credit to wages with a high deposit. Lending for development is also strictly controlled.

Next I'd prevent all home improvements and ownership costs as being tax deductible, including those professional services like lawyer and accounting fees as they relate to property. Property development costs get the same treatment. Add onto this increased costs for council taxes for high value properties and property quantities.

Hopefully the above two strategies will start deflating house prices by reducing the amount of credit inflating prices and reducing profitability for rentier capitalism. This will reduce demand although demand will still be synthetically high. There will be an undercurrent of contrasting effects as there'll be a decrease in new buildings due to stricter credit controls and tax write-offs. Overall this reduction in supply should be masked by a bigger decrease in demand although there might be an initial increase as deflationary effects are initially outweighed by inflationary ones.

Next I'd put a hard ban on property sales to foreign businesses and individuals further reducing demand by tackling external pressure. After this implement a forced sale of foreign held property to residential business and individuals to close any loopholes and normalise domestic only ownership. This would have an inflationary effect but would be necessary for political purposes.

Then I'd legislate first right of refusal for local councils on property and land sales. This would allow councils to take advantage of below market prices and transfer more properties away from predatory landlords. Add to this tenancy laws like that in Scotland and you start treating symptoms of the rentier economy, poor treatment of tenents, as well as the underlying illness.

With more land in public hands due to first refusal we can start replacing council tax and business rates with LVT. The idea of first refusal makes the public own the property and subsequently eat the property market deflation which isn't fair. However I believe it's the only way that it would ever come to pass due to the significant domestic investment by boomers and financiers. The only mitigating factor is that LVT will only be implemented by progressives so there's the chance that some of this cost could be reflected back onto the wealthy with redistributive taxes on high incomes, capital gains and possible a once off wealth levy that excludes property and backdated to avoid blowback into the property sector. This would go towards a budget for councils to purchase property. This allows those who benefitted to keep their gains or most of them with the majority of the cost falling not on the house rich low-mid income nor on the house poor low-mid income either but on the high income capitalists. The LVT will start lowering property prices by increasing costs as we first erase council tax and business rates and then start on adminstrative costs and taxes like stamp duty. We then move onto income tax, capital gains tax, business tax, VAT and other consumption taxes with possibly a negative income tax. This will shift the responsibility of tax raising solely onto land which will devalue land costs and bring demand back down to near supply levels.

Won't owners just pass on these costs? They already do, look at how property inflation isn't included anymore in official inflation statistics because it would absolutely fuck them. Landlords already exact the costs bourn outside of property by raising rent. They have to pay more in income taxes? Raise rent. They have to pay more in fuel duty? They raise rent. With property as their income it stands to reason that in order to maintain profitability in the face of rising costs they increase their income.

So then increasing taxes will increase rent? No because total taxes aren't being increased, just redistributed from capital, labour, consumption and business to land. The opportunity cost for landlords increases because of reduced tax in other areas. Ie they can make more by investing in the stock market due to the elimination of capital gains tax. They might earn more in a well paying profession than as a full time landlord because their income taxes are removed whilst they'd have to pay LVT on buy to let property.

The added bonus for progressives is that we get to untangle class from home ownership and better align with our traditional voters. This on top of removing an avenue of exploitation by the wealthy.

Thatcherism's biggest success was not in the field of economics but political strategy. At the stroke of a pen she turned workers into capitalists. In other words she flipped our class warriors to their side all whilst intensifying class warfare. Genius.

If you doubt that statement: look up homeownership by age; debt by age; earnings by age; job security by age; poverty by age; homelessness by age; wealth by age;

It's all demarcated by Thatcherism's right to buy, not that her other policies didn't poison society.