Land value tax could make housing more affordable | Toronto Star

That's not what land value taxes are. LVT are a tax on the value of the land, not the property. The idea is you tax vacant lots and parking lots the same as you tax the properties with real buildings on them, as a way to punish speculators.

https://en.m.wikipedia.org/wiki/Land_value_tax

Here's a video explaining the important difference between property and land value taxes: https://youtu.be/gJqCaklMv6M?si=2lAbz5NEc1Fqfk0y

TL;DW: Property taxes disincentivize development and enable land speculation, while land value taxes disincentivize land speculation and incentivize development.