You can, but it's a tax on real wealth, which incentivizes a reduction in real wealth. More concretely it incentivizes fewer buildings because people want to pay less tax. If you want fewer buildings then fine.
The amount of land is fixed. Taxation on land does not decrease land, but rather incentivizes efficient land use and decreasing land values (which improves efficiency of land use).
Most of the value of urban land comes from the public infrastructure and economic life around it, not from the promoter's actions which are very common. Besides a tax of land incentivizes usage (so wealth creation), rather than thesaurization.