During communist times local factory provided flats for the workers. After factories were closed, government formed cooperatives to manage real estate. Currently, buildings are in complicated legal state. There was one period when current tenant could purchase the property for 10% of market value, but it was blocked (possibly by developers lobby). On top of that, some buildings and land have unknown owners because of WW2.
I'd love see an experiment when income tax is replaced by land and property tax.
Avoiding any adjustment in ownership patterns seems impossible to achieve without strong legislation, but attempting to provide adequate compensation through the market (rather than the government) seems like it might work? (question mark because I really have no idea...)
The value might be affected by the tax, I suppose, but the person buying it would be affected by that too when they came to sell.
Land value tax is based on the premise that if you are land-rich, you should also be "more productive" to earn the right to keep the land.
Final point; apartment buildings generally have a lower land value than you might expect given the sale price (see my other comment), with a small square footage spread over many apartments in high-rise, the tax may well be less than you expect (i.e. much of the value may be in the rebuild cost.)