I’ve seen land as cheap as $489 an acre and land as expensive as $6,000,000 for a half-lot. Even assuming $12,000 an acre in the countryside in California which can be found now on the internet, it’s quite believable that 10 square feet of land beneath a skyscraper is going to be worth more than $24,000. That 10 square feet is an underestimate as well because the unit will be responsible for more than 1/60th of its floor plan.
From system design we know that no matter how much we optimize other parts of the system, no gain in performance will be achieved because the flow still has to go through that bottleneck. So we should focus on removing that narrow part before even engaging in discussions about other economical topics such as minimum wages, healthcare or education funding etc.
Society has it backwards.
I think people need to keep in mind the actual purpose of taxation: One group is taking resources from another. Nobody is pushing this tax (or any) because it's "efficient" or whatever. They are pushing it because they will come out ahead.
A person who lives in a 600 square foot apartment in a 60 story tower will effectively be paying taxes on 10 square feet of actual land. That land might be very valuable, but I suspect no matter how you twist the numbers, it's going to be less than two acres anywhere in the country. Especially if you go by the spirit of the LVT, which is to ignore improvements.
I could be wrong. I'm just guessing at "who fucks over whom" here.