Land taxes won't lower rents but probably won't increase them either, as rents are set by supply & demand. The cost for renting out a space over keeping it empt

Land taxes won't lower rents but probably won't increase them either, as rents are set by supply & demand. The cost for renting out a space over keeping it empty is minimal. Meanwhile the tax revenue can be used to subsidise rents (for example). IMO land ownership is a big negative externality, as others can't utilise that land and land is a finite resource. As with all negative externalities, they should be taxed heavily.