Am I the only one to think that such a tax would, on the opposite, increase population density around attractive centers ? As acquiring expensive, more attract

Am I the only one to think that such a tax would, on the opposite, increase population density around attractive centers ? As acquiring expensive, more attractive, inner city land would be a recurring burden for land owners, they would try to make enough profit out of it to offset the tax. The best way to do that would be to build tall buildings that have high population density. Am I wrong ?