Maybe I was unclear, but it sounds like we agree: "A land tax on the unimproved value of the land is an elegant solution which incentivizes adding value to prop

Maybe I was unclear, but it sounds like we agree: "A land tax on the unimproved value of the land is an elegant solution which incentivizes adding value to property rather than using it to park money." Vacancies are caused by the fact that we live in scenario #1. Speculators can buy up properties, keep them empty, and reap a financial reward (as long as they time it right) as demand for the location increases.