There are people, for example in the SF Bay Area, who are “millionaires” on paper because their house is worth well over a million dollars, but who don’t have anywhere near a million dollars in liquid assets. They might not be able to last very long without some sort of income, and rules like this will only hurt them, while doing basically nothing to people who are actually rich.

This is another great example of the rich, ruling class enacting legislation to pit the rest of us against each other.

:(