My dad’s friend did this for years, bought his kids a home and “rented” it to them. He was able to write off a lot of repairs/renovations and improvements, while they wrote off their rent money, which was just the mortgage payment.
But then doesn't he have to pay income taxes on the rent? Where if it stayed his house he couldn't write off the repairs, but any money he paid for the mortgage is tax-free.
Political power and purchasing power are just two kinds of power. And when those two powers merge - as with wealthy kings of the past or modern politically active business elites - bad things happen.