[murgindrag]

Investment in the housing market drives up supply of buildings, and drives up the cost of the land underneath them. In high-cost markets, most of the cost is the land, not development on that land.

You can waive the higher taxes for very high density developments. Skyscrapers to require investors, and that is beneficial.

[imtringued]

A progressive land tax would encourage investors to have few but high quality/density properties. The tax would be something like 2% for the individual home owner with less than 1000m^2 of land and 10% for companies owning 5000m^2 or more land.