cosmoterios, if the property is owned by a trust or a company, then u could still make them pay tax on the property, makes no difference, even more tax so not conducive for businessmen to transfer the property into a trust/company. If it is too hard to get into the trusts for legal reasons, then that's another hurdle to be tackled but not insurmountable. For property developers that own 100 houses, well they wouldn't have to pay the tax for very long as they don't hold on to them for that long. Often, the houses are sold off the plans. You could alternatively, filter it down to only applicable to multiple houses rented out in which case property developers wouldn't be effected. For owners just in it for capital growth that don't rent out the property , they could be hit with a vacant property tax. That would make them sell pretty quick. Basically, there are a lot of options and it is workable.
