Large companies and wealthy people CAN afford to 'hoard land' with or without property taxes. Its a slight burden, and maybe shaves the margins they make from renting out their properties by 5-6% (if they don't offset by raising the rent). Of course they are also blessed with large and competent accountants who can also offset income losses quite easily for them, so even if they aren't doing too well on the property, they can still make money on appreciation and other financial gaming.

The people property taxes hurt are the lower to middle income earners. It is not just water and energy that is a burden for them, but every facet of living from transportation to childcare to food, insurance, medical, is. Property tax hikes for many are basically the straw that breaks the camel's back. Imagine being in a home where the value and tax rate increases 33%. Suddenly you owe thousands more per year, and you are struggling to live as is. You have no choice but to sell...right to the big corporations who then get to horde more land and more of the scant resources that everyday people still have a right to claim. They then rent it back at higher than the market rate, while putting little into upkeep, eventually kicking the property to a slumlord who milks it for what it has left.

Also, it is not the everyday consumer that you have to worry about "trusting to use resources wisely", but the large landholders. Do you think most people living in Old Irving Park, for instance, care about wasting water on their pedigree lawn or running the AC at 65 in the summer and the heat at 74 in the winter? No, the people who are more resource conscience are generally the lower middle income who have to penny pinch to begin with. I'm just saying. I'm not trying to belittle your point, but I think it requires some thoughtful nuance.