Okay, imagine a hypothetical. You’re a landlord with 90 percent occupancy rate across 100 apartments. For simplicity let’s say they all pay you 1000 dollars a month. With the lvt tax you pay 100 dollars a month per apartment. Your renters simultaneously get 90 dollars a month(let us assume that renters make up 50 percent of the population and slightly more than half of the tax comes from residential land, giving us 90 dollars)
You’re going to raise rent by 90 dollars, at least. Maybe 111 dollars, to compensate for the empty apartments, if you want to continue making the same amount of money.