My idea requires some more work

I think this only works on a world wide scale. Make salaries all the same everywhere, one world coin.

Houses are currently extremely overvalued, real value for most houses is easily 3X less than they go for now

Most houses could go for under a million. Two people live there, a 10M cap gets you very nice house with loads of room to spare, still.

If anything, the 10 million cap seems too high still