I think a 70% federal tax rate is way too high.  That encourages offshore money laundering.
Mr. Trump does not know how to manage his money.  He has declared bankruptcy several times.
You talk about pricing renters out of the market.  This is happening everywhere.  We live on an island that has a tourist economy.  We can't have it both ways.  We need to move away from tourism towards exporting more local crops and things like macadamia nuts, coffee, chocolate, etc.  When we encourage people to come enjoy paradise, don't be surprised when they want to live here.  The ones with a lot of money will continue to buy up houses for their second homes or buy just to rent them out because the rental market will continue to grow.