A progressive property tax might be a better option, simpler to implement and more targeted. And by suppressing the speculative return on real estate, it should

A progressive property tax might be a better option, simpler to implement and more targeted. And by suppressing the speculative return on real estate, it should have the additional effect of making housing more affordable in urban areas, benefitting the middle class in those areas while not penalizing those in rural areas and the suburbs.