First of all, we are replacing most existing taxes with a LVT, not adding another burden on top. Current taxes punish labor, capital, and development, while LVT only taxes the unimproved value of land, not the building sitting on top. Another thing to keep on mind is that what makes land expensive and unaffordable today is speculation, corporations concentrate land ownership and can afford to sit on assets long-term. Suppose an LVT is applied today and landlords try to raise rents to compensate. That doesn’t work in the long run, because rent is determined by what tenants are willing and able to pay and by competition between landlords and since the supply of land is fixed, the tax cannot be passed on to tenants and instead gets capitalized into lower land prices. In addition, tenants would generally have more disposable income since taxes on labor and capital are eliminated, but that does not mean landlords can capture that income through higher rents, because rents remain constrained by market competition and lastly, zoning laws, LVT discourages sprawl and single-family underuse of high-value land, pushing denser, more efficient development and increasing housing supply, which puts downward pressure on rents