This can be solved with subdivision, sure grandmas land is now worth 3M. But we will build a mid rise apartment building on it that regular people can afford.
Some cities obviously have no room to expand so the only option is higher density. Where that is not the case, build single family homes en mass until anyone can afford one. I’m a home owner now but would rather see people be able to afford what they want than to see my own 2x4s appreciate.
When I was in school most of my friends lived in the inner suburbs and had good access to public transport so they could all meet up in the city and do things, while I was further out in an arguably richer area but without public transport so I was stuck inside missing out.