All housing booms end in a bust. Speculators holding land or housing off the market will all rush together to the exit as soon as the market starts to turn down. In the meantime developers and builders are working flat out on the oversupply. Buyers should hold off and buy after the bust. All politicians can do is slow down construction by taxing foreigners, raising interest rates, raising down payments, raising unemployment. Cities can promote construction by making nimbyism less effective but the political calculation is that the nimbyers outweigh prospective home buyers priced out of the market.
If the politicians sit on their hands there will be an oversupply followed by declining prices. Patience will prove profitable. Wages are barely moving, inflation is not on the books so house prices increases are based on low interest, prayers and hopes. Not a firm foundation.