Sliding scale makes more sense. I dont object to a person owning a couple of apartments or houses as investments (as long as they actually landlord ethically) but once you're a person making more than a "good living" off the rental income then ratchet up the tax sharply.

The reason I say that is 2 fold.

1. Investors drive a lot of new development, someone has to buy the land and pay for the house to be built and not a lot of people can afford to rent and pay a mortgage for the 12 to 18 months it takes, you need people building houses for people to buy completed. Its either going to be mom and pop investors or property developers.

2. Realestate is about the best investment regular folks can make. If you have worked hard, gotten lucky, had a demand job... whatever. Its realestate, stock market or just shove it in the bank and get diddly in interest. Im all for "people" doing well by owning half a dozen apartments as opposed to corporations buying up whole subdivisions.