[madsbuch]

Another way to think about it is, that you adjust the price continuously. If a speculator offers you money, you are in the position to take the offer or raise your own valuation and pay the increased tax. At some point a sensible person would be like: screw this, I am moving out of the city because the offers are so high, resulting in very high taxes, which is the intended effect.

[loonster]

Or wealthy people buy up a ton of land and get the law changed.

[Can_Not]

Or not, because the law would force them to pay taxes on that ton of land, but maybe something like a $200,000 personal exemption would help.

[antisthenes]

Which is essentially what the current reality is, since such a law does not exist.