The supply of land is inelastic. Property developers can't get more land by building more houses on it (and as a corollary, the eventual owner also do not get charged more in taxes).
The supply of land is inelastic. Property developers can't get more land by building more houses on it (and as a corollary, the eventual owner also do not get charged more in taxes).
They can make higher density buildings that generate more income and house more people on the same amount of land.