So, unfortunately, even in the best case scenario, the damage is already done. There's already far too much of the economy built on top of the inflated rents and property valuations. The only way to fix things is straight-up deflation. Which will obviously be very painful.
If you hand the Fed a lever to tax corporate revenue less wages paid to the 80% lowest paid workers (and exempt all other deductions) for such situations, it lets them create inflationary pressure on worker wages and deflationary pressure on pricing, which would cure the rent market within a few years at best.
https://www.youtube.com/watch?v=Kbztr5FDZtg