[epistasis]

Higher property taxes mean that less property will be hoarded, and that it's likely that real estate will be put to more productive use.

It's the rare market where rents are set according to how much it costs to provide the rental, as that would be a market that is oversupplied, and most governments work hard to prevent that from happening. In supply-constrained markets, rents are set by what the market can pay, not based on how much property taxes are or interest rates for mortgages or maintenance costs.