[Nasrudith]

That would have a very regressive effect on those who don't have the capital or credit to outright own their home barring largly outmoded boarding house style rentals. That property tax would be passed on to the renters.

[blurbleblurble]

More likely housing prices would drop as supply increased from landlords dumping houses that were no longer tenable to rent out.

Especially if that very same tax were used to fund first time homebuyer resources.