So none of that solves the inherent problem - how do they allocate the scarce rescource of desirable propery on earth?
I suspect there is some kind of large bureaucracy (probably a United Earth one, but possibly a Federation one) that determines the use real property is put to. I strongly suspect that Picard's bro and Sisko's dad do not own their vineyard and restaurant in fee simple, and especially the vineyard, which is a huge tract that would surely be put to better use, in the day and age of replicators, as housing.
As a matter of fact, I doubt anyone owns ANY realty in fee simple, if for no other reason than there is no money, which would degrade or remove one of the key features of the fee simple absolute, alienability.
The Picards may have once owned their land, and may continue to possess it, but I don't think the idea of private real property squares well.
I suspect they are either owned as life estates or possessed as an at-will tenancy, the latter determinable by either the tenant (Picard, Sisko) or the landlord (the state). The bureaucracy in charge permits this type of land use because they have decided that there is some social utility in it. They provide society real French wine on one hand, and a social gathering place for real food on the other. Since the Fed is a welfare state, getting people to do anything socially useful, especially manual labor, is no doubt hard, so getting the bureaucracy's permission was probably not too difficult. However, if they stop using the land for the public good, I imagine it escheats immediately back to the state. This probably happened after the fire in Generations.
People who don't like this sort of property regime are free to be moved offworld to a colony, where they have tons of land, and fewer amenities.
Edit: of course, the historical origin of this huge shift in humanity's property systems was the Third World War. Hundreds of millions of dead people's land suddenly came up for grabs, and ultimately this wound up with the United Earth government. As time went by, more and more property was bought, escheated, or was taken through eminent domain, that the number of fee properties on Earth approached zero. Maybe the Picards really do own their vineyard--they're about the last to do so.