CMV: If individuals were only allowed to own one residential property (and corporations weren't allowed), the housing crisis wouldn't exist.

Pretty much title.

Caveat 1 being that you obviously couldn't instigate this change overnight without massive consequences.

Caveat 2 being that you'd need to leave some room for both short term and long term rental situations (as they can be useful for a minority of residential uses). Zoning laws could/would allow for this.

Caveat 3 being that some residential, like holiday homes (again, zoned for it), probably shouldn't apply.

Caveat 4 (not really a caveat) being that commercial/industrial is a separate entity and I'm not sure this system would have the same benefit there.

Edit edit: I thought it was obvious, but this system would allow couples (or agreeing individuals) to own a second property and rent it. Also, governments would also have more room to build and rent properties. Also, Caveat 2. No, renting would not disappear completely.

Edit: I forgot how many responses you can get doing one of these. I'll try to work through them, but there's a lot of repetition going on.