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Property tax needs to go up exponentially with the quantity that you own
They could also tie it to occupancy. If a functional residence goes more than half the year without someone living in it, property tax is quintupled.
There’s danger to writing such a law correctly, unfortunately. I recall something in Ecuador where people were leaving extensions to their home just barely unfinished so that they could avoid certain residence laws until they had a buyer.
And companies own, or even better that better have some good reasoning for buying a property that's for living.
With an exemption for the first 5 years after building. Companies and investors need to be incentivised to build property not hold onto it.
The incentive to build new housing is to then turn around and sell that housing, they don't need an incentive, they need permission.