Or better, land value tax. Improving the property is great and we should incentivize that! Benefiting from everyone around you improving their property while you do nothing, not so much!
People love to shit on Texas (often rightfully, IMO) for their nutty laws, but I think TX got it right here. TX has no state income tax but very high property taxes (e.g. 2.5% in some jurisdictions).
A thing people object to in that regime is the tax burden of a median family is pretty high. The California state income taxes of a median household are about zero. Under a high property tax rate, everyone owes an amount that seems significant to them.
High property tax pushes owners to rent/sell/use land rathe than let it sit unoccupied in high demand area.