The idea is to tax the opportunity cost of the land. If Jeff Bezos decides he wants to build a bungalow in the middle of Manhattan that is his prerogative, but

The idea is to tax the opportunity cost of the land. If Jeff Bezos decides he wants to build a bungalow in the middle of Manhattan that is his prerogative, but he shouldn’t get to pay less taxes than someone who put the land to more economical use as a 40 story apartment building.