In a perfect world. The grimmer reality, as was visible in the 19th Century, is that tennants find it more profitable to build dangerous, poorly ventilated, fire-prone structures in which they amass all the poor who can't afford better. Meanwhile, the un-taxed rich have unstoppable profits with which they can purchase private fire stations.
I mean, take a hint from the US healthcare system. It's dependence on private insurance costs companies billions a year on one end, and the benefits are poorly distributed on the other. So many people can't afford basic healthcare, it's scandalous, really. When you consider the number of millionaires in this country, our tax policy with regard to health-care is absurd. 38% of this country's wealth assets are in the hands of 1% of the richest people. How's your free-for-all system gonna deal with that eh? Trickle-down? What if trickle-down isn't profitable? It sure doesn't seem profitable does it? What then?