Comment by bombcar

I think too many people jump to the easy-to-understand "owners want to get richer" conclusion without actually engaging with what people are saying and voting for. Often the results of the voting may be related to property staying somewhat scarce, but (in my experience) the vast majority of people don't really care about the value of their house as long as it doesn't go substantially down.

Assessed value raises (and drops) shouldn't directly affect property tax assuming the whole area raises and falls (in most areas) because of how the tax is apportioned.

The reality that people don't want to deal with is that it's personal and it is slow - there is no SimCity-style bulldozing and redeveloping without pouring in tremendous amounts of money, because people like living where they do and it's hard to get them to move involuntarily.