Even though I am a former realtor and I tend to invest in reits(of varioius types but mostly commercial) I agree with your stance. It is the implementation of it that is always the concern. Because it isn't just Blackstone n co but ordinary mums n dads who have money tied up with property, both as owner occupiers and as landlords. What you suggest would be the biggest crash of wealth in history. I know in Australia when they just tried to stop negative gearing on investment properties, the economy crashed so hard and fast they had to immediately reverse it. It also stopped new housing stock being built which actually made rents soar. So the "how" needs to be thought out for unintended consequences.