> No tax will prevent this behavior if the final benefit to the owner is high enough. Well, naturally. But a speculative bet that a un-/under-developed piece o

> No tax will prevent this behavior if the final benefit to the owner is high enough. Well, naturally. But a speculative bet that a un-/under-developed piece of land will become vastly more valuable in 30 years looks less and less appealing the more the owner is taxed on the value of the land itself, vs. the value of the improvements upon it, which for a undeveloped parcel is by definition very low. I don't know the specifics for NYC, but I do know that there is effectively no jurisdiction within the US that even comes close to a full LVT as imagined by Henry George.