I wonder if this legislation will pass. Other countries have something similar. For instance France levies a tax on property held for less than 7 years.

“Investors who purchase rental housing and sell it within seven years would pay a hefty new tax under anti-house flipping legislation proposed in the California Assembly. AB 1771 by Assemblyman Chris Ward, D-San Diego, would create a 25% tax on the capital gain produced by selling a residential property within three years of buying it. The tax rate would then decline by 5 percentage points each year until reaching zero after seven years”.