A land value tax targets the land only, not the structures on top of it, so nobody is penalized for improving their property. It also means that within an expensive metro vacant lots are taxed at the same rate as dense residential buildings, making land speculation unprofitable. Rather, landowners are incentivized to either put their land to productive use or sell to somebody else who can.
Well for one, it would be higher than low < 1% tax rates that exist now. That is just asking for foreign investors. And it would be based on the the land value, not the property (house) value.