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Imo, the ethical limit is 3.
There's no real reason to own more property than that. If you have extra money to invest put it in actual business. Into new housing construction for example you get quite a return on that, and it doesn't make you unethical.
Edit: This also applies to companies. Actually companies shouldn't own any housing at all. Selling at a profit that's acceptable. Owning it as an 'investment' - absolutely not.
If we are just putting our own ethical limit, for me it's 2.
Main residence, a traditional home like house, townhome, condo, whatever, but with full service like garbage hydro ect as is standard for the area.
Land, sort of what you are saying a country home, but it has to be zoned as such, not just another home in someone else's neighbourhood. So purpose built seasonal homes, or off-grid properties with an outhouse. Not somewhere most people would be comfortable living as their primary residence year round.
After that taxes should be extreme. And companies should not be able to purchase the main residence type homes. At all. Must be a person purchasing.