> The downside is that evaluating potential versus using sales history or economic revenue is inherently subjective and ultimately disrespects property rights. Ultimately, why should the owner of a vacant lot be compelled to sell or develop on the basis of the potential value?

Property rights are important, but they aren't the end-all-be-all. Eminent domain, blight laws, zoning laws, tenant rights, and a variety of other property-related laws arguably disrespect property rights, but they have been a staple for hundreds of years. Property rights were never some sacred ground.

Simple: unused land and unoccupied buildings ultimately kills the cities that make that land valuable in the first place. This is a classic case of a series of short-term logical decisions ultimately benefitting no one.

Cities are (or should be) for the people in them. Not simply a vehicle for the ultra-wealthy to park wealth.

That's not compatible with how the law or principles of American governance work. Your home is your castle.

Ultra-wealthy aren't laundering money in real estate because property taxes are too low. The situation we have today is a obvious result of fiscal policy made in the 80s, that was predicted then.

I mean, Henry George worked most of this out 150 years ago. There are entire economics programs dedicated to property and land value.

Highly recommend you read Progress and Poverty, it's still very relevant today.