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A proper Land value tax is a way of preventing owners from making any money off the appreciation of the value of land while still being profitable to construct or renovate if it adds value. It significantly reduces if not outright eliminates housing as an investment.
Land value taxes only apply to the value of the land itself, not the buildings, and therefore desirable areas with high land value taxes have a significant incentive to sell and be redeveloped with density which spread a that tax among a larger number of tenants.
The biggest downside is that it completely destroys existing equity. Which is both how it makes everything affordable again, and is also likely why it won't pass as a policy for many years.
I genuinely like the idea of higher density, as much as I like driving, having a city that’s walkable and with good transit (which density incentives) would be a dream.
My current city is a sprawling suburb and it’s almost an hour by bus to do a trip that takes 10 minutes by car.
Also thank you for expanding on this!