Careful with your thinking. There are a lot of mid & high net-worth people who lease and  many, many people whose home value has risen on paper but they have limited income. It's called capital rich, cash poor. The HOG is peanuts compared to the exorbitent increases in municipal & regional taxes.

Also, I seem to recall the HOG is a similar amount collected for the Property Transfer Tax (before the foreign 15% was added).