The system I propose does not exist yet and needs to be designed properly, just as we design a software system. It should of course be flexible enough to allow for people moving to another place.

As the situation with property and ownership is now, it is random chaos. Even a rudimentary design has never been made. A financially successful billionaire (who says not by criminal act) can buy and own thousands of houses forever, and the income from that will grow tremendously, which allows him/her/progeny to buy even more property. This is just insane, how can this ever scale for the benefit of all people considering the greed we all have built in?