It is because of the unintended consequences if companies decide to relocate. You start with wanting to tax wealth and then suddenly you find your area in an unemployment crisis because the employers packed up and left.
Property taxes are taxing wealth - just a type of wealth that doesn’t affect the people who want more affordable housing.
If (metaphorical) you want to raise property taxes to force people to move to make housing more affordable, why go through the circuitous route? Why not just use imminent domain, take the land, bulldoze the house and put up apartments?
