Prop 13 is arguably one of the reasons why Bay Area housing spun out of control, I don’t think this would help much.

Google doesn't have an office in Toronto but Amazon employees don't make enough to buy houses. It doesn't matter though because most people in Toronto now make more money on real estate appreciation than they make from their jobs. Real estate gains are tax free so a modest 10% home price increase (it was 30% last year) is like earning at least an extra 150k pre tax

That's kind of sad though. It seems people own houses to sell them, instead of owning houses to own them.

I feel like the whole point of owning a house is to customize it into a fairytale home of your dreams and never want to sell it. Otherwise I'd just rent.

In the current environment, it's cheaper to borrow and buy to sell.

You should read Henry George because you have the effect of LVT/property taxes exactly backwards. LVT is better than property taxes though, which have bad effects like sometimes motivating people to destroy their buildings to save on taxes.