I understand what you mean, but I see it differently. He can vote, he just can't make policy for the entire land of New York.
There are plenty of middle class people who own land. This isn't really rule by an elite.
There are also many middle class people who do not own land. A saw a stat the other day that the average age of a first time homebuyer was now over 35 years old in NYC and Long Island. An idea like this sets our democracy back 200 years. It is not rule by an elite but it is the disenfranchisement of tremendous section of the public. Just because you are poor or do not have the financial assets to make you a homeowner does not mean you shouldn't have a say in the fate of your nation.