Especially when those 2nd, 3rd, + properties are being used as passive short term rentals. Observing the state of the housing situation “Hmm there aren’t enough homes for normal families to each have a chance, I should turn this extra property of mine into a vacation rental.” does this make said person a POS?
It couldn’t be limited to “citizens”. There are lots of people here legally who are not citizens. There are lots of people here not illegally that this would put on the streets and exacerbate other problems.
Also, you are correct on the corporate entities point. US Supreme Court has already made rulings that corporations have personhood. See Citizens United v. FEC. There is little reason to believe a rule limiting owners of residential property to individuals wouldn’t be twisted by the supreme court to allow the continuation of current state
And finally, there is a place for corporate-owned residential property that is then rented to individuals. Some people want to rent a house instead of buy. It’s just not nearly the number that the current market is set to accommodate. Just like there are some legitimate applications for heavy-duty, gasoline trucks; but that everyone who has one doesn’t necessarily need one.