I’m more than willing to give up a bit of my extremely affluent lifestyle if it would genuinely help those around me who haven’t had the same economic opportunities as me.
All well and good. It's fine and commendable to personally sacrifice but when you start advocating for stripping property rights from other people to do it, it stops being a personal sacrifice and more of an imposition on others' freedom.
What about unintended backfire consequences of this law: people who own a place and are traveling, unable to put their places on airbnb because of this law and thus leaving vacant houses anyways and constricting short-term rental supply?
But, this law does deny others the same economic opportunities as you. If you've lived in your older home and want to rent it out and move elsewhere, you are allowed to. However, your younger cousins who are buying just now (and thus considering newer homes) will not. Thus, this law simply protects the old guard while throwing the young people under the bus in the name of screwing the rich. Congratulations!