Land value tax which is free if you live in an owner occupied property, without the ability to sublet. Higher if rented out, and then make a linear increasing penalty percentage with the number of properties owned. So if you own one house and live there, zero tax. If you own 5 properties, you pay zero on the one you live in, then regular tax on the second, tax+penalty on the third, tax+higher penalty on the fourth, etc.
It would not make any sense to create real estate ETFs under this world for example because the tax penalty would be extremely high.
It would not make any sense to create real estate ETFs under this world for example because the tax penalty would be extremely high.