The US will be minority American in 25 years as virtually every news source will gleefully tell you. The foreign migration into the USA is massive and unprecedented in history, except for the original colonization.

What you say about housing costs is not wrong, but it’s also very incomplete. Many other factors drive housing inflation, just one example is that mortgages expand the total money supply, resulting in textbook inflation. Rent seeking behavior is definitely unfortunate for the non rentier classes though.

I’m generally inclined to agree about taxing income vs assets. However it’s just as important to not punish savers as it is to not punish labor.