The shift of the state and local tax burden off of real estate held by wealthy savers and on to sales and purchases of household expenditures, the shift of the federal tax burden off of property income (most 'capital' gains are land value gains) and on to payroll earned by younger workers.

All of these changes to the tax code have increased the rent which wealthy property owners can extract from younger workers without having to work themselves, at the cost of increasing the tax burden on younger working families, so that they cannot afford to have as many children as early in life.