[yellowapple]

Or you do more with the current properties, such that they make more than 5% of their value per year.

Of course, the idea of land as an investment in the first place is one of the root causes (if not the root cause) of endlessly-rising cost of living, and we're long overdue to address that root cause (namely: by instituting land value taxes).

[SantalBlush]

Which would be great, but will upset way too many voters, so politicians won't dare touch it.

"My political opponent is attacking the middle class and their investments!"

[yellowapple]

Not much room to be upset when replacing just about any tax with LVT would represent a tax savings for the vast majority of the middle class (and just about the entirety of the lower class).

[hackerfromthefu]

But in the real world the old taxes are never removed, despite promises.

[yellowapple]

The old taxes suppress LVT revenue (since non-LVT taxes suppress economic activity and thus demand for land), so adopting LVT would be further motivation to abolish non-LVT taxes.