That's not how normal people value those things.
Logically, this doesn't even work. Lets say everyone in LA wants to live there with their children and their children's children and so on forever. Extrapolate this a few generations and eventually you will have a solid mass of humans 1000 ft tall. (This is a hyperbolic joke, you get the point)
The only way it doesn’t work is if the community makes it impossible for more new people to get in, or if there isn’t enough economic opportunity to support all the people living there. But people don’t generally want to move into communities where they can’t find work, and I see no good reason we should enforce minimum lot and zoning laws to prevent people from moving to where opportunity lives.
People hate to hear this but noone has a right to live somewhere indefinitely
I ask you this, why do the people living in LA have more of a right to be there than the native Indians that were there 500 years ago?
Same would not hold for commercial or nonresidential property ownership. Presumably not by trust (e.g., shielded / non-person) ownership.
You. Don't. Lose. By. Winning. $1M.
You get options.
Lets say you live long enough for the cycle to repeat multiple times. I assume proponents would say, "well, hooray, everyone but you is way better off, I guess it sucks that you weren't better at managing money", when all anyone ever wanted to do was live together and be left alone.
It's a great ideal, but the problem is that land is a finite resource, so eventually you'll run out of space that is necessary for the next group of people who want to live together and be left alone to actually do so. At which point, you either have a stark divide between those who got in their claim and those who don't, or you come up with some redistributive system that gives newcomers a chance.