I agree with the spirit of your comment, although the Globe has pointed out that even without Ontario's greenbelt restrictions, the problem would still exist (albeit perhaps slightly less severe).
Governments have historically been terrible at picking the right allocations of resources to have.
Not to mention, politicized decisions are rarely the best ones from an efficiency perspective.

As a Chinese Canadian, I would support taxes on foreign ownership, if only because our market is being heavily distorted by external forces (i.e. foreign investment). This, in conjunction with lifting land-use restrictions, would be a huge help to balancing our housing supply and demand.