The arguments in favour of a property cap

A property cap, similar to the Land Value Tax would encourage those with disproportionately large quantities of property to divest of it. This would place more property into the market and allow others to gain a more equitable share. Unless we have this, there is no other mechanism which allows people to reallocate property in a lawful way. Although property taxes are one of the less bad taxes, along with pollution tax, it is still less good than outright transfer of property, to the poor, since the State gets in the way.

Resources on this planet, whilst plentiful, are limited and it makes sense to argue that ownership by any individual must come with the consent of the remainder and that sometimes some people have been allowed to gain (legal) ownership of too much.