Couldn't one argue that the property owner is maximizing value by not renewing leases and waiting for everyone to leave to build a high rise? Seems the issue he

Couldn't one argue that the property owner is maximizing value by not renewing leases and waiting for everyone to leave to build a high rise? Seems the issue here is tenant laws preventing the property form maximizing value. (resulting in this drawn out process in the meantime) If there was a land value tax implemented, it seems like we would need even less tenant laws in order for the property owner to properly maximize the value of the land to pay the hefty taxes they can't control (such as immediate eviciton if a better use for that plot comes about etc). Or do we expect the property owner to have all the responsibility for this "land value tax" but none of the authority to update his proeprty to meet the new cost in a timely manner?