... he still accrues wealth. He owns increasing amount of property. If it is his, then how do future people get a share of it? This seems to be predicated on improvements, creating a constant new stream of wealth for the collective, or else they have nothing to credit new people with. The collective has to get it back somehow if they are to give it away again.
In the most obvious of examples, he and like minded people could purchase additional land. And then get the value the land provides. With those profits, they buy more. It does take away the bankers somewhat, but it would form REIT investments. And other similar funds. Right back where we started.
Thus we make no gains, or you can't own anything permanently. At best you could get "use of it" but it would still have to revert to the collective when you die, or nothing left to split to new people.