Well it would depend on why the land is expensive. What it would do (at least in theory which I do agree with) is force the expensive land to be developed for a useful economic purpose instead of just sitting there.

For single-family homes and such a LVT is likely to be neutral or slightly positive b/c a lot of those homes weren't built on particularly valuable or useful land (which is why it was cheap in the first place).

I really like the idea of focusing taxes on more of a "what am I actually paying for in my community" which LVT and variations of that tend to support, but it'll never happen in the US.