I would actually expect to see a reduction in densification if a LVT is more expensive than current property taxes. While it obviously encourages putting high

I would actually expect to see a reduction in densification if a LVT is more expensive than current property taxes. While it obviously encourages putting high value land to greater use, it also encourages avoiding high value land itself. If the tax burden of your San Francisco house or office doubles, you may look into relocating to where land is cheaper. It obviously depends on the rates.