In some way you are right, but how much land has been purchased with foreign money in the name of a Thai (wife, girlfriend, partner)?
Some simple regulations could avoid land prices becoming a skyrocket. Foreigners can only buy a limited land size (e.g. 1 Rai per foreigner). The land only can be used as resident for the owner (no business, no rental). Foreigner owned land can't be sold or bequeath to non Thai nationals.