Georgism actually massively decreases the cost of land, because the tax on land comes out of the future rental cash flows, and if set to equal the average rental opportunity cost of the parcel, washes them out to zero. You're left with only the structure value as the market price, which in many municipal areas is much lower.

In practice, it's likely going to incentivize large corporate landlords and tall residential towers near city centers (where this allows the greatest number of tenants to enjoy the natural amenities nearby), while pushing the poor and elderly out to the outskirts (where land is cheaper and structures are smaller). But that's probably what you want, since a larger number of income-generating residents can enjoy the inner-city amenities while the elderly have less use for them.