Just lock up housing so that a single individual can’t own more than 3 homes.
Get married you get six houses you can own.
If that’s not enough maybe you need to reassess whether it makes sense to dump money into a house or put it to some actual better use.
Like creating jobs or new products.
A competition where we all try to outbid each other on land does nothing for the economy.
Therefore, these bidding is really just a price discovery mechanism. Unfortunately, because the transaction costs are high, and land being quite illiquid, the price doesn't rapidly converge to the "correct" one (aka, the true price might've moved faster than the bidding can catches up).
> does nothing for the economy.
Unless if the seller only ever reinvest into more land (and that seller also only reinvest into more land, ad-infinitum), the capital freed up from a sale will lubricate another sector of the economy.
you're not doing labour. You're injecting capital into the system. The person who sold the house to you, presumably, is using the proceeds of their sale (and profit) to do something else productive.
I don't get why so many people consider taking asset risk as "doing nothing".