> If you increase the tax by 4x, the most likely result is the market value will drop from $1 million to something like $250k-500k. Not really. This assumes it

> If you increase the tax by 4x, the most likely result is the market value will drop from $1 million to something like $250k-500k. Not really. This assumes it must remain a rental property. What will happen is that this $1M property which was previously a rental now becomes a ~$1M property which is owner-occupied. The owner isn't going to take a 500K-750K loss just to keep it a rental.