Ok, so you are seriously going to argue that a person who rents new apartment isn't going to be significantly less wealthy than someone who purchases a new home?

Do you see the obvious contradiction here?

All this law does is take away poor people's ability to rent a home, that will instead be sold to a wealthy home owner.

If you can afford to purchase a new home then you are way way more wealthy than someone who can only afford to rent that same home.