I do wonder if this will do anything to help with property costs. Wouldn’t it just make people hold on to their property even longer, causing an even greater “shortage” (by which I mean of homes actually on the market, as there are already way more homes than families to fill them)? Most people I know “investing” in real estate buy a new overpriced home every 2-3 years. But they never sell the old ones or rent them out. They just collect them.
I don’t think this tax addresses the actual issue, which is property hoarding, not speculation.