[Robotbeat]

If such people are homeowners (after all, it is homeowners who are the one complaining about this on zoning boards), they’ll become fantastically wealthy in such a scenario. They have nothing really to complain about except a wealth tax (of course, by limiting property tax increases, California’s prop 13 is like a wealth SUBSIDY).

[8note]

That's unless the government uses eminent domain to give your home to a developer as "slum clearance"

Then, you're turned into a renter against your will, and also, everyone else needs to find new housing at the same time, so even before the new luxury units go up, the rent skyrockets.

Poor people with expensive homes can't defend their ownership. That takes paying expensive lawyers

[pessimizer]

> they’ll become fantastically wealthy in such a scenario

If they leave immediately, rather than struggling to pay their massively increased property taxes, then mortgaging their house to keep up...

> by limiting property tax increases, California’s prop 13 is like a wealth SUBSIDY

...which apparently is a good outcome?

[Robotbeat]

More nominal wealth that reduces actual physical wealth (by slowing the improvement of land via adding denser housing) is not a good outcome. It’s just redistribution of wealth from newcomers or renters to existing homeowners.