I think ownership is better because people value securing the shelter where they sleep. Renting is worse because you can't make decisions about how to improve land and architecture. You are only permitted to be there under a limited contractual agreement vs. being able to stay put until you decide to sell.
Anti-renting people emphasize the control inherent in the relationship. Landlord sets the rules, including price; tenant required to abide. (Attempts to address the market by regulation here have had their share of severe side effects)
Pro-renting people emphasize the affordability and ability to offer housing to those without access to the capital to purchase, as well as the shift of asset risk (physical and market) from the renter to landlord.
The central evil seems not the existence of renting, but the ability of a landlord to capture underlying asset appreciation and charge rent.
Coupled with areas of constrained supply, this leads to landlords getting richer and renters... not. Which seems unfair.
Agreed that it transfers risks and hassles to the landlord. It doesn't transfer any costs though, as they'll be bundled in the rent price.
Renting is like using AWS. You pay for the convenience of someone else taking care of the hardware, but they're making a profit from providing that service.
What works in small town USA won't necessarily make sense in a Big 6, unless it affects huge national investors like Blackrock but not your small landlords or medium multi-family dwelling manager/owners.
Also, "tax them? might as well kill them!" is the type of nefariously silly exaggeration that is used to shut down discussions. Yours doesn't go quite that far, and I get the point of your example but don't find that limits of infinity are generally helpful.
For all the people saying "it doesn't matter how much you tax landlords, the market rate is what the renters are willing to pay", don't be silly. Just take your argument to the extreme then. Why stop at 4x, why not charge 10x, 100x, or 1000x? Obviously as you raise taxes on landlording, the number and/or quality of rental units will go down and/or the prices will go up.
See Oh the Urbanity!'s recent video on the topic https://youtu.be/q3gtZcTdXaI