> 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.

But...California has a tiny overall property tax rate. A revenue neutral change to an LVT (unless it's revenue neutral on the far side of the Laffer Curve) might better meet some abstract concept of fairness better, but isn't going to have a meaningul impact on price of... anything.