I believe higher property taxes in the city will lead to less commercial property and fewer jobs, as businesses move out. For instance, take a look at the stats for the Organization for Economic Cooperation and Development that was formed in 1960. Average annual incomes in all 34 member nations, including the U.S., are now down.
Reasonable property taxes and market-oriented labor policies are the keys to good roads, bridges, jails, brick and mortar occupancy and even mental health. “Income inequality” in other words, not more and more public housing and burgeoning debt. Economic muscle is everything. That is what will develop new businesses, higher incomes and help for the homeless.