The solution is to set interest rates to a historically reasonable level, say 4%. Then, accept you're going to have a recession as asset values reset to reasonable levels.

The reason you need a reasonable risk-free rate is, without that, almost any marginally profitable that you can finance with debt will get financed. This leads to malinvestment. You can see this all around you.

Asset inflation has the insidious side-effect of damaging democracy by producing oligarchy.

An alternative solution would be simply to declare a maximum net worth and set tax rates on income over, say, $1m per year to 95%.