I think it is better than the current situation but worse than the optimal situation, that is government ownership. What's more, ignoring commercial land ignores that many commercial enterprises would benefit from the proposed solution in the same way people living in houses would, yet there is no mechanism by which you could limit one company to a single building of operation.

> how many homes can one person realistically reasonably use?

This question is why I consider the solution of a limit on ownership stupid. A person can reasonably use however many houses which they can afford to rent. It isn't up to me to decide what counts as reasonable use. It is simply a question of whether other people would be willing to pay more for some other purpose. Suppose someone wishes to purchase an entire abandoned town and can do so at a relatively low rate due to it being abandoned, I see no reason to deny them them this, yet a limit on home ownership would do precisely that.

One should also note that a land tax is another inferior solution to the problem. It is effectively a government lease on land which doesn't allow the rent charged to be determined by market forces. What makes total government ownership of land the most practical solution is that it most closely follows market principals. Usage of land is contingent on productive revenue from that land in excess of the revenue generated from alternative usages. Any other solution will fall short of the optimal allocation of resources which the market provides.