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Or you do more with the current properties, such that they make more than 5% of their value per year.

Of course, the idea of land as an investment in the first place is one of the root causes (if not the root cause) of endlessly-rising cost of living, and we're long overdue to address that root cause (namely: by instituting land value taxes).

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Which would be great, but will upset way too many voters, so politicians won't dare touch it.

"My political opponent is attacking the middle class and their investments!"

Not much room to be upset when replacing just about any tax with LVT would represent a tax savings for the vast majority of the middle class (and just about the entirety of the lower class).

But in the real world the old taxes are never removed, despite promises.

The old taxes suppress LVT revenue (since non-LVT taxes suppress economic activity and thus demand for land), so adopting LVT would be further motivation to abolish non-LVT taxes.

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