As mad as I am, it's genuinely not about revenge. It's about making the prospect of home ownership a realistic and attainable goal for entire generations of people for whom, right now, it's literally a joke.
Fact is there's not really any way to both return housing prices to realistic levels and keep prices steady for current owners. I don't pretend this is a simple problem, or that solving it won't cause other problems as a result. But in my opinion the problem you're suggesting is of a much lesser scale than what we're facing today, and has less drastic solutions. Using the taxes collected from serial landleeches to compensate normal people who need to move during and following the market crash to offset the debt caused by a now-underwater mortgage could be a solution, for example. And fuck knows the banks aren't innocent in this whole mess themselves, and could probably be forced to shoulder their share of the burden as well.