Greens Proposing 75% Tax on Rezoning Gains Victoria, page-5

I understand that the current rate of betterment tax for rezoning in Victoria is 50%. Why would 75%, a rate that applies in other jurisdictions, mean the collapse of land development in Victoria?

These taxes are very effective in protecting other taxpayers from subsidising the windfall gains of property speculators (eg. by paying for the extra infrastructure to support the up-zoned property). Studies have shown they have no actual effect on development patterns.

IMO it would be preferable for a government agency to acquire, rezone, service and release larger areas for new housing.