Older housing stock is supposed to be for affordable housing, but if property taxes increase too quickly, they just get replaced with more luxury apartments and condos that still push people out if they are less dense. Worse still, let's say you get to build a massive low income density project, if you make pay LVT...it might not survive.

> "House value always go up" is a relatively recent invention.

Everyone wanting to live in a few economically hot cities is also a recent invention. If you price the LVT in those cities appropriately, then only the most income generating projects are going to be viable, and that means the lower class is basically not going to be living in those cities anymore.