Why do you say rural land is under valued? What is society missing that should be included in the price?
The easiest "carbon capture" (though it is slow) is and has always been: Trees. We need more forests than ever and we keep bulldozing them instead.
Rural development is often at the expense of trees and forests for at best mostly unvariegated farm land and at worst useless (but "pretty") green yards.
(Here again the externalities of the greenhouse gases aren't felt by corporations building the houses nor the average home owner. We'd never pass Carbon Taxes in the first place, but especially no one wants to talk about Property Tax Carbon Taxes on their homes. But we need to reforest a lot of land to better deal with climate change and that's not going to happen with just market forces at work. Trees, deer, and birds don't have the money to buy land/houses.)
It seems to me those who came first, benefited the most. At the cost of everyone who follows. (if you think longer term). Eg; open land, develop it, live a grand life from the large profits. Subsequent years will have the property market determine the financial benefits from those who come and go. But then eventually, the natural loss starts to become a problem. And then everyone suffers. Everyone who is still around. This is just another kind of debt, just like "kicking the can down the road" wrt finance/national debt/money printing is.
Not only can those much further into the future not "benefit" (financially) from the ability to "cheaply" obtain undeveloped land, but they also sit with the problems due to the natural resources having been depleted (development of land does not only negatively affect tree...)
The whole concept of land ownership as it is, imho , is a problem.