I completely agree with this post in response to End of Valuation + COV formula in the Forum pages. Niall Ferguson in his "The Ascent of Money" dedicated a chapter on the dangers of mixing up property as an asset with housing in "safe as property", i.e., not as safe as you think.
On hindsight it showed the government child like belief in economic theory. There is nothing wrong with those theories provided you are very familiar with the circumstances which they apply. Also please use your common sense first then the theories can be a good servant.
Now we are stuck. No government has the courage to unwind this. One day the problem would become a really hot potato. It will not be pretty and definitely there will be painful consequences.
I can't speak for the broader society, but the smart investor must cash out early. Property prices have plenty of flexibility in a global city situated in a large country. Remember we are just a tiny city state.
I hate the politics of fear and hostage. It never ends well.