Yep, that’s exactly what will happen. One crisis closer to having a single mega landlord (or a very small class of landlords) who can charge whatever they want

Yep, that’s exactly what will happen. One crisis closer to having a single mega landlord (or a very small class of landlords) who can charge whatever they want for your right to exist on the face of the planet. It is time to undo this with the LVT like what Singapore does (almost all land is owned by the state and leased out on 99yr leases). The net effect is that the market sets rent prices, but the revenues not due to the landlord’s actions (I.e. revenues due to nearby employment opportunities, education, or public infrastructure) go back to the state and get reinvested in the community.