Housing should have been getting built like crazy in places like CA so that those people thinking of selling had a reason to sell. By not building houses property values keep booming, and even if you plan to sell and move somewhere it's easy to endlessly delay that decision when you're getting rich as hell.
And reassessing across the board is not going to happen either because it would price out grandma living on a fixed income.
https://www.boe.ca.gov/prop19/#FAQs
But more efficiently shuffling existing supply doesn't create new supply.
Most metro areas are still not keeping up with demand. Even the ones that are doing better in things like zoning (such as in TX, NC, FL) are getting enough growth from other locations that the induced demand is still outpacing supply.
We need state and federal policies that can override the local NIMBYism. CA's recent experience is both a good start but also provides a bunch of lessons learned on how these policies can fail and should be improved both in CA in other jurisdictions - especially when localities are actively trying to work around them.
As of now, I can only count a very few who actually did it, turns out it's hard to leave where you've lived your entire working life to move somewhere you've never been, and the price differential isn't as amazing as it once was (since Covid flattened that out somewhat).
The ones who did end up doing it ended up following their children (who were priced out of where they grew up).
Normally you'd expect measured, predictable, steady inflation to be the method to "defuse the bomb" but so far that hasn't been really tried (if houses keep going up 1-2% a year, but inflation is 5%, you have a 3% drop in value each year even though on paper, you have an increase).