It's not about the individual homes, it's about the aggregate holdings. If people with large asset portfolios (and corresponding large incomes) stop buying homes because they have an incremental carrying cost to them due to taxes, the prices will drop for everyone. The problem we have now is that big PE firms are buying up single-family homes because they have the massive incomes to out-compete everyone else in the market. They then turn around and lease those homes to increase their income even more.