Correct, but that's the point really. In an extreme case, such as an empty lot in Manhattan, it would cause the property to change hands to someone who could be

Correct, but that's the point really. In an extreme case, such as an empty lot in Manhattan, it would cause the property to change hands to someone who could be more productive with it. Even though it wouldn't be worth as much without LVT, it would still be worth a lot in such an extreme case, so it's not devastating for the owner either.