Land*time is the unit that people consume, and the land produces this at an instantaneous rate of 1. So you're wrong about it not producing anything, but right

Land*time is the unit that people consume, and the land produces this at an instantaneous rate of 1. So you're wrong about it not producing anything, but right about everything else, in my view. If you want to properly make land uninvestable, you have to put property taxes at the rental rate.