The other thing about locking housing prices in with the rate of inflation is that the tracking occurs over the long term, not from one of the high or low points. I think it would be a huge mistake to think of our current position as being just another point in that long term trend.
If you want to go back 20 years and track inflation as an overall trend you’ll see that it will indeed take a 50+% hit off peak housing prices to align them with the long term inflation trend.