As entradas do registro para a chave MSBuild funcionaram bem para mim. É importante lembrar que isso deve ser feito para ramificações de 64 ou 32 bits, dependendo da versão do MSBuild que você executa. Eu não recomendaria usar variáveis de ambiente, pois isso pode causar problemas em diferentes versões do MSBuild.
Este arquivo do registro corrige isso nos dois casos:
Windows Registry Editor Version 5.00
[HKEY_LOCAL_MACHINE\SOFTWARE\WOW6432Node\Microsoft\MSBuild\ToolsVersions\14.0]
"VCTargetsPath"="$([MSBuild]::ValueOrDefault('$(VCTargetsPath)','$(MSBuildExtensionsPath32)\\Microsoft.Cpp\\v4.0\\V140\\'))"
"VCTargetsPath10"="$([MSBuild]::ValueOrDefault('$(VCTargetsPath10)','$(MSBuildExtensionsPath32)\\Microsoft.Cpp\\v4.0\\'))"
"VCTargetsPath11"="$([MSBuild]::ValueOrDefault('$(VCTargetsPath11)','$(MSBuildExtensionsPath32)\\Microsoft.Cpp\\v4.0\\V110\\'))"
"VCTargetsPath12"="$([MSBuild]::ValueOrDefault('$(VCTargetsPath12)','$(MSBuildExtensionsPath32)\\Microsoft.Cpp\\v4.0\\V120\\'))"
"VCTargetsPath14"="$([MSBuild]::ValueOrDefault('$(VCTargetsPath14)','$(MSBuildExtensionsPath32)\\Microsoft.Cpp\\v4.0\\V140\\'))"
[HKEY_LOCAL_MACHINE\SOFTWARE\WOW6432Node\Microsoft\MSBuild\ToolsVersions\14.0\10.0]
"VCTargetsPath"="$([MSBuild]::ValueOrDefault('$(VCTargetsPath)','$(MSBuildExtensionsPath32)\\Microsoft.Cpp\\v4.0\\'))"
[HKEY_LOCAL_MACHINE\SOFTWARE\WOW6432Node\Microsoft\MSBuild\ToolsVersions\14.0\11.0]
"VCTargetsPath"="$([MSBuild]::ValueOrDefault('$(VCTargetsPath)','$(MSBuildExtensionsPath32)\\Microsoft.Cpp\\v4.0\\V110\\'))"
"VCTargetsPath10"="$([MSBuild]::ValueOrDefault('$(VCTargetsPath10)','$(MSBuildExtensionsPath32)\\Microsoft.Cpp\\v4.0\\'))"
"VCTargetsPath11"="$([MSBuild]::ValueOrDefault('$(VCTargetsPath11)','$(MSBuildExtensionsPath32)\\Microsoft.Cpp\\v4.0\\V110\\'))"
[HKEY_LOCAL_MACHINE\SOFTWARE\WOW6432Node\Microsoft\MSBuild\ToolsVersions\14.0\12.0]
"VCTargetsPath"="$([MSBuild]::ValueOrDefault('$(VCTargetsPath)','$(MSBuildExtensionsPath32)\\Microsoft.Cpp\\v4.0\\V120\\'))"
"VCTargetsPath10"="$([MSBuild]::ValueOrDefault('$(VCTargetsPath10)','$(MSBuildExtensionsPath32)\\Microsoft.Cpp\\v4.0\\'))"
"VCTargetsPath11"="$([MSBuild]::ValueOrDefault('$(VCTargetsPath11)','$(MSBuildExtensionsPath32)\\Microsoft.Cpp\\v4.0\\V110\\'))"
"VCTargetsPath12"="$([MSBuild]::ValueOrDefault('$(VCTargetsPath12)','$(MSBuildExtensionsPath32)\\Microsoft.Cpp\\v4.0\\V120\\'))"
[HKEY_LOCAL_MACHINE\SOFTWARE\WOW6432Node\Microsoft\MSBuild\ToolsVersions\14.0\14.0]
"VCTargetsPath"="$([MSBuild]::ValueOrDefault('$(VCTargetsPath)','$(MSBuildExtensionsPath32)\\Microsoft.Cpp\\v4.0\\V140\\'))"
"VCTargetsPath10"="$([MSBuild]::ValueOrDefault('$(VCTargetsPath10)','$(MSBuildExtensionsPath32)\\Microsoft.Cpp\\v4.0\\'))"
"VCTargetsPath11"="$([MSBuild]::ValueOrDefault('$(VCTargetsPath11)','$(MSBuildExtensionsPath32)\\Microsoft.Cpp\\v4.0\\V110\\'))"
"VCTargetsPath12"="$([MSBuild]::ValueOrDefault('$(VCTargetsPath12)','$(MSBuildExtensionsPath32)\\Microsoft.Cpp\\v4.0\\V120\\'))"
"VCTargetsPath14"="$([MSBuild]::ValueOrDefault('$(VCTargetsPath14)','$(MSBuildExtensionsPath32)\\Microsoft.Cpp\\v4.0\\V140\\'))"
[HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\MSBuild\ToolsVersions\14.0]
"VCTargetsPath"="$([MSBuild]::ValueOrDefault('$(VCTargetsPath)','$(MSBuildExtensionsPath32)\\Microsoft.Cpp\\v4.0\\V140\\'))"
"VCTargetsPath10"="$([MSBuild]::ValueOrDefault('$(VCTargetsPath10)','$(MSBuildExtensionsPath32)\\Microsoft.Cpp\\v4.0\\'))"
"VCTargetsPath11"="$([MSBuild]::ValueOrDefault('$(VCTargetsPath11)','$(MSBuildExtensionsPath32)\\Microsoft.Cpp\\v4.0\\V110\\'))"
"VCTargetsPath12"="$([MSBuild]::ValueOrDefault('$(VCTargetsPath12)','$(MSBuildExtensionsPath32)\\Microsoft.Cpp\\v4.0\\V120\\'))"
"VCTargetsPath14"="$([MSBuild]::ValueOrDefault('$(VCTargetsPath14)','$(MSBuildExtensionsPath32)\\Microsoft.Cpp\\v4.0\\V140\\'))"
[HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\MSBuild\ToolsVersions\14.0\10.0]
"VCTargetsPath"="$([MSBuild]::ValueOrDefault('$(VCTargetsPath)','$(MSBuildExtensionsPath32)\\Microsoft.Cpp\\v4.0\\'))"
[HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\MSBuild\ToolsVersions\14.0\11.0]
"VCTargetsPath"="$([MSBuild]::ValueOrDefault('$(VCTargetsPath)','$(MSBuildExtensionsPath32)\\Microsoft.Cpp\\v4.0\\V110\\'))"
"VCTargetsPath10"="$([MSBuild]::ValueOrDefault('$(VCTargetsPath10)','$(MSBuildExtensionsPath32)\\Microsoft.Cpp\\v4.0\\'))"
"VCTargetsPath11"="$([MSBuild]::ValueOrDefault('$(VCTargetsPath11)','$(MSBuildExtensionsPath32)\\Microsoft.Cpp\\v4.0\\V110\\'))"
[HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\MSBuild\ToolsVersions\14.0\12.0]
"VCTargetsPath"="$([MSBuild]::ValueOrDefault('$(VCTargetsPath)','$(MSBuildExtensionsPath32)\\Microsoft.Cpp\\v4.0\\V120\\'))"
"VCTargetsPath10"="$([MSBuild]::ValueOrDefault('$(VCTargetsPath10)','$(MSBuildExtensionsPath32)\\Microsoft.Cpp\\v4.0\\'))"
"VCTargetsPath11"="$([MSBuild]::ValueOrDefault('$(VCTargetsPath11)','$(MSBuildExtensionsPath32)\\Microsoft.Cpp\\v4.0\\V110\\'))"
"VCTargetsPath12"="$([MSBuild]::ValueOrDefault('$(VCTargetsPath12)','$(MSBuildExtensionsPath32)\\Microsoft.Cpp\\v4.0\\V120\\'))"
[HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\MSBuild\ToolsVersions\14.0\14.0]
"VCTargetsPath"="$([MSBuild]::ValueOrDefault('$(VCTargetsPath)','$(MSBuildExtensionsPath32)\\Microsoft.Cpp\\v4.0\\V140\\'))"
"VCTargetsPath10"="$([MSBuild]::ValueOrDefault('$(VCTargetsPath10)','$(MSBuildExtensionsPath32)\\Microsoft.Cpp\\v4.0\\'))"
"VCTargetsPath11"="$([MSBuild]::ValueOrDefault('$(VCTargetsPath11)','$(MSBuildExtensionsPath32)\\Microsoft.Cpp\\v4.0\\V110\\'))"
"VCTargetsPath12"="$([MSBuild]::ValueOrDefault('$(VCTargetsPath12)','$(MSBuildExtensionsPath32)\\Microsoft.Cpp\\v4.0\\V120\\'))"
"VCTargetsPath14"="$([MSBuild]::ValueOrDefault('$(VCTargetsPath14)','$(MSBuildExtensionsPath32)\\Microsoft.Cpp\\v4.0\\V140\\'))"