It is a tax cut for property owners and a tax raise for land owners, yes that is the entire point, to make housing cheaper by taxing it less and taxing the location monopoly more. Of course anyone who speculated on higher land prices gets screwed over, that is the point as well.

You seem to be ignoring that the presence of the corporate HQ raises land values across the entire city. Landlords of high density apartment complexes should be applauded for not wasting precious land in locations where many people want to live in, using land wastefully increases rental payments and causes homelessness.