[Gokenstein]

In Chicago I saw first hand how it turned the Mayor into everyone's favorite punching bag:

Housing prices go up. Developers move in and scoop up desirable properties, remodel the kitchen, paint it grey, and sell to a young tech worker for 3-4x what they bought the property for or demo a 100 year old beautiful greystone and put up a modern shipping container on stilts with 8 apartments and no parking.

Property values go up, long time residents are getting older. The ones who CAN move sell first and you get a runaway housing bubble. The ones who CAN'T move? They're on a fixed income. They need public services but they can't afford more taxes. Property taxes go up. Sometimes older people on fixed income can get a freeze, but taxes go up anyway. More people, more services.

People don't like taxes going up so either you put it off as long as you can while services atrophy and you make it the next guy's problem, or eventually schools start going bankrupt. Teachers go on strike, not enough police, not enough money to keep up transit and infrastructure, and you've got a lot of upper middle class people living in a very expensive post-apocalyptic hell hole.

That's Chicago.