I'll repeat again, I don't need a fucking tax cut. I need the price of housing to start going down.
Increase taxes on property significantly, and use 100% of that money to give everyone a basic income.
This incentivizes both people and developers to be efficient with their housing choices. Using too much housing for the area you live in? You pay extra to help out everyone. Using the right amount? No harm to you. Using less than the average? Here's a payout, thank you.
Prices overall will drop, because it's no longer profitable to simply own a home due to the taxes, and especially not if there's no people in it because the taxes won't be offset by the basic income.
There are studies on that, but they're not super relevant because the appropriate amount of space is determined by how many people want to live somewhere, not based on the specific size.
People are willing to live in smaller places the closer they are to amenities. It's a gradient, not a single value even for each location.