My homestead deduction is a few hundred dollars a year while I pay thousands on property taxes every month. Rental properties are still eligible for all kinds of tax write-offs. I think the bigger issue is that the government is there to support the mortgage of those buying multiple properties. The low mortgage rate relative to high inflation rate is the underlying financial that makes the housing market a very attractive investment right now. Taking away government subsidies for low mortgage rates for investors would radically alter the market.