People don't put 10k of their money towards the bakery opening up next block either. They put it in the bank, which will loan it out. No one needs a million negligent single-rental landlords to create housing. But it does mean you are not entitled to having the same style McMansion built on the close empty lot in eternity, it might just be something with some more space efficiency. It means you can't continue paying a tax rate set 30 years ago for land that has appreciated many magnitudes in value.