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Millions can no longer afford their rent
(mynorthwest.com)
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this post was submitted on 08 Feb 2024
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It's exactly what you described.
Essentially people will hold onto property in order to make more money on it through land value inflation.
If we tax the crap out of property that isn't being used, then either the tenant will do something with it or sell it to someone who will, instead of just waiting for the market to double their money while they play golf.
Seems sensible to me.
It seemed sensible when the economist Henry George postulated it as the solution for wealth inequality and the seeming rise of material desire that the uber-rich cause in the market. Unfortunately no one listened and the landlords won, and now we're here.
landlords with corporate money and lobbyists, I imagine. hopefully some change can happen on a city level.