IF the property is sold. In the meantime little or no tax is paid by the owner, and millions of people are priced out of the market. The owner however can borrow against the higher estimated value of their property and purchase more property to pull the same moves again. Wealth concentrates towards the rich, inequality increases.
I’m not sure what point you’re making, but someone sitting on 10 properties with a total networth of $20M cannot spent any of that until they sell the property. That’s $20M is on paper wealth. That $20M only becomes real wealth when they sell up, at which point it attracts CGT.
IF the property is sold. In the meantime little or no tax is paid by the owner, and millions of people are priced out of the market. The owner however can borrow against the higher estimated value of their property and purchase more property to pull the same moves again. Wealth concentrates towards the rich, inequality increases.
I’m not sure what point you’re making, but someone sitting on 10 properties with a total networth of $20M cannot spent any of that until they sell the property. That’s $20M is on paper wealth. That $20M only becomes real wealth when they sell up, at which point it attracts CGT.