I have (quickly) read through the Ryerson paper you posted.  It agrees broadly with what I thought before:  The problem is one of demand and steps have to be taken to cool demand as we will not be able to create enough supply to cool prices (and that perhaps it is best we do not create such supply due to the secondary effects  - sprawl) of doing so.  Penalize via taxes any purchases that are speculative in nature: foreign money in general, foreign owners without domestic income, empty properties.  Good.  Generally I favor open markets, but all such markets are to a lesser or greater degree regulated for their own good (and sometimes not so good - it is an imperfect world).  We need some control here to stop the hot money chasing 10% (or more) annual un-taxed appreciation.  Homes are primarily for people to live in, and not investment vehicles.  You can invest in them, but not to the point it interferes with the primary purpose.  We need to keep that principle firmly in mind.