[imtringued]

>Ultimately all this does is accelerate the accumulation of wealth for folks that already have the capital to profit off

How does it do that? Sure the system causes frequent changes of ownership which are undesired but you are forgetting that the "accumulators" are getting taxed based on how much they accumulated which in the long run slows them down. Yes they can bully you in the short term, which is why this isn't done, but in the long run the house will achieve the optimal tax policy and the abuse potential of housing disappears.

If the government decides to lower taxes on income, then in the long run "accumulators" would be the ones losing out from this.