I don't think it's that simple. Would you say there are any developers in Ireland atm that are not churning out houses as fast as they can? I would say no.The solution to housing is relatively easy - borrow a shit ton of money and build houses
I know there are hotels being built in the city centre, but it seems to me like building a hotel and building a house require different skillsets, and you can't just shutdown hotel building and expect houses to spring up as a result.
And if the state just buys already-built houses, that's just more demand and will drive prices up further ... and if they do as @Lili Marlene suggests and remove incentives for property-as-investment then you risk drying up supply in the rental sector.
This is complicated shit lads. The government of the day is only one small piece of the puzzle