Populations are always going to go to where the jobs are at, that is the chicken laying the eggs. Why ignore your nose to spite you face? Start with reversing what caused the problem, restore CGT on housing to it's full amount. If you are going to treat shelter as a wealth building mechanism the you need to tax it at the same rate as any other wealth building investment.
Alan Kholer has written some great stuff on the subject: https://australianpropertyupdate.com.au/apu/memo-to-alan-kohler-fixing-the-housing-crisis-is-not-this-easy?hsCacheBuster=558042
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