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In 1978 the local government in the District of Columbia approved a measure to tax up to 70% of the profits made on residential speculation. The tax was the first of its kind in the USA. But, it was quickly overturned and deemed by supporters and opponents a failure. Based on 10 months of archival research and interviews in Washington, DC, this paper examines how property rights became a narrative barrier that tax supporters could not overcome. By narrative barrier, I mean the set of rules that shaped how speculation was discussed. Tax supporters did not publicly convey a counter‐hegemonic vision of how tenure security and economic wealth could be achieved for black residents through means other than private ownership and real estate investment. This paper contributes to understandings of housing markets, housing crises, and intersections between housing justice and property rights.