[aoeusnth1]

Sure, it will increase the value of land, which will increase rents. But part of the rent was also the value of the improvements, which will not cost any more and should have the same ROI as before.

Especially in the US, land is cheap and if rents are too expensive in the cities people will move elsewhere.

Property and land is already taxed, and an increase in the value of property will eventually be converted into an increase in those taxes.