And yet NIMBYs introducing laws to accumulate wealth in property at the expense of non property owners was another interference in the market that this is balancing out.
Creating situations so bad that legislation is introduced to reduce the gains is a risk people take when they try to take advantage of horrible systems.
I think the core of your argument distills down to “tax them”.
Maybe you get an inheritance, or a job at Google, or win the lottery, but at some point “them” most likely becomes you.
I am middle aged and I bought my first home a few years ago. I have wealthy friends and I have poor friends. Real estate is fucked, and I would love to see solutions to make homes affordable for everybody. I don’t appreciate the commonly regurgitated one-eyed political arguments.
Introducing a tax that crashes property prices is what I disagree with - most proponents of land tax seem to be happy with the government just appropriating the land value (literally - because taking the interest payment IS similar to taking the principal).
Edit: If you own an annuity like a bond that pays a coupon amount every period for infinity with no maturity value, that bond has a fixed current value fn(inflation, risk, time). If the government takes 100% of the coupon, then the bond has zero value. A land value tax would severely reprice property (that’s the purpose), by the government “taking” the coupon.
Perhaps a tax can be introduced just covering the capital gains over time or some other fairish scheme (although even that is just taxing on inflation).