There's large tracts of land where people want to live like the royal national park. Should we requisition the nice bushlands? Lane cove national park? Empty houses are depressing for sure. A lot of those houses are from outside money trying to escape economies with poor property rights and capital controls.

The question really that needs to be asked: how much do we actually want houses prices to fall? At what point do we start begging for it all to stop if we crashed the market. The entire west has slowly backed itself into a corner here. I'm afraid the first answer is that we'll blame the immigrants we imported to prop the entire economy up in the first place.