[TheCoelacanth]

If it only applied to natural persons' primary residences, you might have a point, but a lot of the benefit goes to commercial landlords holding vast swathes of real estate and paying practically no taxes on it. A better solution would be to allow people to defer property taxes on their primary residence until they die at which point it is taken out of their estate. That would still prevent people from being kicked out of their homes, but would also stop letting huge windfalls from property speculation go un-taxed.