"Land by its nature is scarce. A site in Mayfair cannot be reproduced like a pair of shoes. The monopoly rent it commands plays no productive role. It acts as a private tax on the productive economy. The question has always been what can be done about it." [1]

I posted that quote because it's the reference I found most speedily to the idea that high land prices impose private (i.e. paid into the private sector) taxation, rather than public. You didn't make the distinction between public vs private taxation in your comment and I thought it should be made.

Public taxation is also involved of course, e.g. when governments need to bail out the banking system; Help to Buy in the UK; etc.

[1] https://blog.p2pfoundation.net/how-land-property-is-tied-to-...