My dream approach: LVT but only for non-principal residences, as an alternative to property taxes: you pay whichever one’s more. Target the LVT so it’s a bit less than property tax in a reasonable use (highrises downtown, detached homes in exurbs) but otherwise it punishes landlords that don’t invest into scaling up their properties.

And we don’t have the nightmare of throwing Widow Grandma out of her family home befause her detached home downtown just quintupled in taxes. But grandma’s student rental property? Hell yes sell that crap and turn it into a midrise.