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But instead of selling and downsizing to a smaller home, the prospect of steep capital gains taxes keeps them in their bigger homes.The problem is especially acute in high-cost metro areas, where decades of property appreciation means selling even a modest home can trigger a six-figure tax bill. This “misallocation” in the housing market results in a “logjam” where nearly 6 million older Americans reside in houses far larger than necessary, while growing families are crammed into spaces that are too small and millions of young households stay stuck in rental limbo.This lock-in effect, which is separate from the one caused by high mortgage rates, stems from the Taxpayer Relief Act of 1997, which introduced a capital gains exclusion of $250,000 for single filers and $500,000 for married couples. But these thresholds haven’t budged in almost 30 years. If indexed to home price growth, today’s exclusions would be $885,000 for individuals and $1.77 million for couples. Instead, the thresholds remain static, and more homeowners face massive taxes for moving, especially in states like California and Florida.In an America full of what UBS calls “everyday millionaires” — a phrase that applies to lots of Americans whose inflated assets make them wealthy on paper, but quite average in lifestyle — lots of people can’t afford to pay the taxes on their real-estate nest eggs.Zandi and deRitis argue the most direct remedy is to index the exclusion caps to reflect either inflation or actual home price growth. Raising or even eliminating these caps would immediately release pent-up inventory, helping empty nesters downsize and making more family homes available.Take the hypothetical example of a widow with a 2,800-square-foot home, the authors write: she faces capital gains of $750,000, and after her $250,000 exclusion, she would pay taxes of more than $100,000 at combined federal and state rates. 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