When property taxes are higher housing is built more densely.

This is because the store of value quickly becomes a millstone around the owner's neck if it isnt being used efficiently. That's a feature if you want a healthy city and a bug if you're one of the ultra wealthy.

The UK is a bit like San Francisco in this respect. There are no property taxes, just something called a council tax (which is basically a poll tax) and "stamp duty" which is levied only on property transactions.

The latter is particularly toxic because it actively encourages property hoarding.

This is why London is an alpha world+ city which can't build up to save its life.