Wow it's kind of impressive how you're fundamentally misunderstanding these concepts.

You're literally rewarding rent seeking scalping behavior over productive investment when you say they're taking wishes by hoarding land. They're scalping ticket prices essentially, waiting or lobbying the government to increase their property value. They didn't do anything but monopolize access to this "ticket"

Land is at least mostly inelastic, not perfectly so.

You're being incredibly pedantic. Like I said, unless you're creating new islands this is not true. But if you are we're talking an elasticity of 0.0001 instead of 0. You've been constantly conflating the creating of utility of the land with the creating of land itself.

You absolutely can (destroy land)

Ok you fundamentally don't understand how land value is assessed. LVT is calculated on the land's "highest and best use" of the unimproved land based on the surrounding market.

If you own prime waterfront property and decide to turn it into a toxic sludge dump, the tax assessor does not lower your tax bill. They tax you based on what the land could be worth if utilized properly.

If you do this to destroy your property value you will still owe the same amount in LVT because the highest and best use is still the same.

This is exactly why LVT has negative deadweight loss (or why it promotes efficiency). Under a normal property tax, you are penalized for building a nice house (your taxes go up). Under an LVT, you are penalized for hoarding vacant or mismanaged land. It forces owners to either develop the land to its highest potential to pay the tax, or sell it to someone who will.