It would cause a massive wave of something. The more I think about it, the more insane this idea sounds. If I'm renting and my landlord's costs double, is she g

It would cause a massive wave of something. The more I think about it, the more insane this idea sounds. If I'm renting and my landlord's costs double, is she going to double my rent? Even if you eased in the tax at something like 0.5% per year, this seems like it would result in an absolute bloodbath in which renters and mortgage holders get wiped out and the lucky few with large cash reserves and no property-backed debt buy up all the land at fire sale prices.