This can also be fixed by increasing supply. People buy housing as an investment because they expect it to increase in value. The best way to counteract that is to build and continue building so that doesn't happen.
There's only so much land in the places where people want to live. You can't increase the housing supply enough to stop housing from being an asset in a society where wealth is sufficiently unequally distributed. By virtue of its unique scarcity, land (and therefore housing) will always be an asset, and in a society with increasing wealth inequality, the price of assets will always be going up.