Basically, you tax land value (unincorporated) and therefore business/people are encouraged to pay for the most valuably located lots while still encouraging development elsewhere and to discourage land speculation. The modern version is land value tax.
I recently saw sama proposing what sounded a lot like it (though he didn't directly cite it as an influence) and it is certainly something that would be popular among the tech elite because another component of this is those taxes could theoretically fund UBI.
Houston does seem like one of the best places in the world to test this out (exploding population, tons of existing value, zoning laws) but in the progressive era when this was but one of a lots of idea trying to gain traction, it was ruled unconstitutional by the state.
It's something I'd love to see more discussion about.
https://en.wikipedia.org/wiki/Georgism
Geoism seems to be the modern cultural correct identifier.