controlled more than one in every six dollars of the country’s “unrealized gains,” profits that aren’t taxable until the underlying asset, such as a stock position, is sold.

Given that what the article is referring to is all unrealized gains, this would be a government seizure of all property that might rise in value, including essentially the entire housing market.

I’m not entirely against a government monopoly on housing and land ownership, but I think that’s probably a few steps past what’s politically viable right now. The key thing is that these gains are unrealized, so a stock market dip could easily decimate them. You can still use those assets as collateral for loans, but if the market does dip, you’re gonna be in for a hard time.

More seriously, there probably is an argument to get made about taxing loans for the ultra-wealthy that are secured against their assets, but that’s a different matter.