And I think I would agree to much of it.
I see problems with a workable definition of an individual's "sufficient" property.
Further, How does a sovereign country account for population growth, which would stress the available resources or an economic failure, which would decrease the amount of resources available to provide the sufficient property.
This question of sufficient property is also an important one with regards to changes in the productivity of individuals that occur in old age. One of the benefits of hoarding property is as a hedge against old age or disability. In you're arrangement the cost of independence at an advanced age is much higher. Of course you have your necessities but this may not be sufficient for someone who was highly productive through there life.
In a nut shell, isn't the cost of insurance too high (in an economic sense) in this scheme ?
Last, won't things like marginal utility be a hindrance to deciding the value of property. Escrow bids seem to me to likely be very fluid, and unpredictable.