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Someone will have to tackle it sooner or later. Do council tax while you're there.
Fundamentally the issue is that housing can't be both an investment vehicle and a necessity at the same time. On one hand you're asking for the price to go up forever and on the other you want everyone to have access to it. Doesn't work.
frankenbike
I doubt you could penalise property enough to dent the pricing of it to be honest. Or if you did, the implementing government would lose voters for ever.
You'd also pay a lot of a lot of money to administrate it.
Total non starter.