We have the same issue in Australia and it is very much a national issue. The problem with bubbles is that once they've begun and have enough people invested in them it becomes political suicide to deflate. You can't go to an election with a promise of reducing the value of the biggest asset most people will ever own. I doubt you can even win on a promise to stop it inflating further because most people have factored in future increases.

Ultimately I think trying to slow down or deflate the bubble might make things worse for more people than just letting it pop.