The meritocratic, capitalist way, would be to to put a property tax on it and to increase that tax, until

• rents increase so much that people can’t afford to live in cities anymore
• cities lose essential employees
• society shuts down
• THEN property loses value
• then it can be bought cheaply again
• and also rented for a low price, because the tax on the low value property is also low

Let’s go people!