The best way to avoid speculative run ups in prices (and subsequent crashes) is effective taxation. Of course taxation of land is not popular with the rich and powerful as it can’t be avoid.
It amazes me on HN where on most other complex behavioural problems if someone came along and shouted "it's because of X" they would be laughed out to cries of "it's more complicated than just one thing".
Yet when it comes to millions of people with varying priorities interacting with government and the banks anyone who comes up with anything more complex than "it's supply and demand" is told "no, I've done econ 101 thank you".
Hacker news can't be bothered with Georgism, they've done econ 101 syllabus (provided by their establishment).
https://www.amazon.com/Progress-Poverty-Industrial-Depressio...
Personally I do think it is a good idea to try and avoid speculative bubbles in assets and the best way to do this is via taxation.
Credit however is not constrained except by a willingness to borrow and on the up this is near-unlimited. Fortunes are made not by doing but by speculating and then at the end the workers pick up the tab.
It's very naive to think that this is simply any one factor, especially supply and demand alone.
Why are economics conversations so limited?