You cannot say the market solution failed when we didn’t see the market nearly close to being perfect in action.
We have never got close.
The government have done a belatedly good job in easing regulations on apartment builds which should help. That will make it easier to get some pay back on apartment builds than before.
Other measures would be the courts properly enforcing on defaulters.
Looking properly at middle class welfare (ie inheiritance tax) and the Fair Deal scheme which engourages 50 something couples to take out loans on their parents minimal nursing home costs, rather than giving this housing stock over to the market.
Of course building denser will help too.
I also believe that the current central bank rules are fucking over those in the market. 100% mortgages are seen as some great evil but why? You currently have in Ireland a high amount of good salaried jobs out there, but people in those jobs can not afford deposits. This is encouraging more Funds and cash buyers in as the rental market is so buyont. It is circular.
This all comes back to efforts to reinflate the negative equity many people were in and a determination that the low hanging fruit of property developers had to be the sacrificial lamb of the bust.
You also have to ask more broader questions like for example, why it has taken UCD almost 50 years to get beyond a couple of thousand beds on campus for 20k plus students. UCD moved from the city centre all those years ago and fully over a decade ago, but have only got close to linking up the campus half a decade ago.