The problem, alas, lies with administration. Even the vatican and the representative of God on earth ain't perfect. Perfect administrations require perfect citizens, and, present company excepted, they are few and aeons between. You don't need omniscience, you need good, scientific, empirical knowledge.
Bidders determine the site values, and wear the results of their decisions.
Profits will be determined solely on the skill and input of the developer, and not on the expectation of windfall gains due to rezoning or monopoly holdings. Assuming that such a system was in place, then the power of the IBM's, Coka cola's and such would be seriously undermined, as a result of vastly increased and true free market competition. Taxation of land leaves labour to its full rewards, in proportion to effort applied. If Richard can show us how ANY other current or past system can better explain the present global and local coexistence of fantastic wealth alongside abject poverty, and has a logical plan for tackling and solving it, I will jump on his band wagon, and wave his flag straight away.