I get it, but it's only real equity if you crystallize your windfall and move to a much lower cost town/city with no intentions of ever moving back. No one is suggesting that the gov has to intervene to crash the market, but in such a tight supply market and with the foreign money pouring in, this pace is not healthy or sustainable.  
Everyone has been conditioned to believe their home will go up by double digits every six months- Whats would be wrong with a flat market for a couple of quarters, or God forbid a full year?