If you (where "you" may be a group of businesses) need X parking spaces, and land becomes more expensive, your tradeoffs shift on how you get those spaces. You

If you (where "you" may be a group of businesses) need X parking spaces, and land becomes more expensive, your tradeoffs shift on how you get those spaces. You are incentivized to use less land, so you are more likely to build a parking structure rather than a sprawling parking lot. I'm not an LVT advocate, but as I understand it, that's the theory.