> If you need thst money back at some point it makes much more sense to tax the sale or purchase of the property because nobody living there is affected until that sale actually happens.

And make the house unsellable? That's the absolute opposite of what society should want, which is land repeatedly being repurposed for the best and highest use.

The answer is that land should be publicly owned and people should pay land rents. If you can't pay the land rents, there should be a publicly subsidized (temporary, until end of natural life at most) reverse mortgage that allows the owner of the house to pay the land rents with their house equity.

Maybe I’m missing something, but couldn’t you then go buy another $300k house and have $600k sitting in a bank account?

Or maybe you’re saying all the homes increase in value by 3x and your income didn’t keep up? Clearly many people did see their incomes increase if there is a market for such homes…