Do I camp outside Microsoft headquarters then walk in on day 1 of year 101 and say, “this is mine now”?
Where I live we have leasehold land so titles theoretically extinguish after 99 years. What has happened in practise is that the lease just auto-renews, making the situation no different to freehold apart from the paperwork.
You'd probably have to outbid Microsoft for it. I don't think land should ever be free for the taking for whoever claims it first; It should belong to society and you purchase use rights from society.
Best of both worlds. You discourage real estate speculative and hoarding for rent seeking purposes and still have the free market competition determining the prices.
Once your lease is up you can renew it at current market prices if you want it and can afford it. If not, then you make way for someone else to take up the lease.
I also don't see how it discourages speculative investment. If nothing you own is really yours for very long then you're much more likely to have your property bought from under you if it's in a desirable area. As an investor I would want to do that if I believe I could rent it out at a profit.