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They should never have been allowed to become gambling chips.
Noone should be allowed to purchase a home without agreeing to live in it full time for at least a year afterwards. Split it into a duplex to become a landlord? Another year. Wanna be a landlord? You must live in that building full time along with your tenants. Outrageous? Not nearly as outrageous as homelessness because of the prices.
Easiest way is to ensure the unit isn't vacant for more than a year, else they will get taxed extra. Also rent shouldn't be x% higher than the mortgage.
The first rule seems likely to work. The second guarantees no property will ever be renovated.