I would update the valuations on all homes and then recalibrate the tax system accordingly. This would significantly boost government revenues and give the government the resources to set up a fund to encourage creative, affordable housing solutions. Not public housing, because that is always a drain on the public purse and quickly becomes a ghetto, but instead mixed housing, co-ops etc. This would then make the rising property market and the foreign/Chinese buyers pay for the affordable housing in urban areas.