I would expect tht land usage favors the very rich, but not nearly as much as income.

Georgism does a excellent job of incentivising better land use, but is trivial to shelter income from.

A teacher renting a run down aprtment might have a similar land tax footprint to a tech ceo in a taller building, or maybe the ceo just works from home in Wyoming.

xAI whomever puts their next Mega server farm on undesirable land, and then operates basically tax-free.

The end of day problem with the theory is that we now live in a knowledge and information economy, not an industrial one governed by material inputs. Changing a 1 to a 0 on a string of bits might yeild a billion dollar profit, but requires no material overhead.