It is not about who benefits. Hello? It is about who bought it first and owns it currently. Do you really want to own your property only as long as someone else can’t prove that they would make more profit from it? What if you applied that to property that was not real estate? How about art? Hey, if we force collectors to sell their valuable art every so often then the value of the art will go up and the state can tax everybody on their profits. Maybe we can also manipulate stock ownership for the benefit of the state. Or business ownership beyond just real estate.
Just because it is real estate does not make it okay.
If someone wanted to give me a million dollars for my $100,000 house, I’d throw in my car.