Hmm. I like the concept but think there are practical issues: Suddenly everyone who owns apartments or other rental property in a major city immediately sells it (even if just to be demolished) and kicks out the current renters. Mass homelessness affecting disproportionately those worst off. Perhaps the cost of Buying a home would drop due to all that property for sale - especially if the apartments can be sold as condos, but I'm not sure if it would compensate enough, and would be a huge mess for some time.