I live somewhere with ~3% property taxes on properties, including the one you reside in. Not so long ago mortgages were cheaper than that, and mortgages at least end someday. At the same time, short term rentals like airbnb are illegal. Combined, this leads to most landlords either being companies large enough to keep extremely high occupancy rates, or families that flout the law to rent a second property owned due to marriage or inheritance and become vulnerable the whims of neighbors.

I think allowing short term rentals, and giving owners strong eviction rights for damage, illegal activity or non-payment (which we have) need to be paired with property taxes to prevent all landlords becoming large inhuman entities.

It should also be noted that if you tax everything at the value it could make, you distort the usage of valuable locations to exclude housing.