At present，the fast rising of China’s land prices and house prices have increased the risk of real estate market and affected the stability of the macro economic development. At the same time，the phenomena of “hard to get a home” and “ghost towns” coexist with the constantly differentiation of urban housing market. In the face of these problems，China should establish a stable and long-term mechanism from four aspects about housing policy，land supply，real estate finance and real estate tax.