First, I would strongly advice against putting a policy due to an effect that there is no consensus on its causes. Is housing expensive because of low interest

First, I would strongly advice against putting a policy due to an effect that there is no consensus on its causes. Is housing expensive because of low interest rates, because of QE, because of the advance of NIMBYSM? etc Second, taxes are much easier to add than to remove: a tax thought and applied with mechanism will outlive its purpose, so if there is a downturn in house prices the tax will become a burden. Places like california also dont even charge the proper property taxes. Its most likely that increasing tax pressure in a state like CA will be increasing income taxes, which end up maybe hurting landlords by harming their prey.