What will happen is that you will have a bunch of very rich centenarians who will own just about everything simply for having a couple of decades head start on the newcomers. The same thing is already happening today. Unless you want to cap wealth and property this is not going to end well.

It's already at the point today where real estate and other relatively scarce resources are much more available to and owned by the wealthy who then use this to extract rent from the younger generations. Give those people another 80 years or so to do play the game and we will all end up in hock to them. You'll be born in debt to someone who was born a century or more before you.