I'v seen this extensively in multiple upper-middle income communities on the east coast. Houses that have tripled in relative value force their now retired owne

I'v seen this extensively in multiple upper-middle income communities on the east coast. Houses that have tripled in relative value force their now retired owners to sell because they can't afford the higher property tax. Developers can buy above market because they demo the house and put down 2 houses that each sell for 75% the original home's value. This scales for quite a long time, and is generally how suburbia transforms into, well, east San Jose. It's not that homeowners make rational choices as a result, it's that over time they are pushed out and the rational choice is made by the larger market.