Then would corporations have to pay a higher tax on the land they own as well? If so, costs of goods would increase, if not, what's to stop a person from starting their own corporation and using their firm to buy the land their house is on. Furthermore, I believe it will just shift portfolio distributions. One would prefer to own shares of firms that require little real estate to operate like internet firms. Credit card and internet banking business come to mind as they are able to reach millions of customers without requiring lots of real estate. Manufacturing would get punished and I would foresee lots of middle class workers who work in manufacturing/industrial type jobs to get laid off.
This is the threat but it turns out corporations like to make money even if they have to pay tax on it. The real answer is charging capital gains at the same rate as other income forcing companies to keep their investments in house and not in speculation and management salaries.