Note though, that confiscation of property can be done on probable cause, because confiscation of property isn't a form of punishment.
I missed the confiscation part. The seizure laws have been extended so far to give the state the power to declare so many things are part of the crime to make private ownership of property meaningless...it is almost the same as seizure by fiat. The only thing left to do is to just rent everything because the police state generally will not seize property owned by a bank or leasing company.