Their property taxes also go up as well so their actual financial situation might be worse unless their non-tech wages keep pace with the market or they just se

Their property taxes also go up as well so their actual financial situation might be worse unless their non-tech wages keep pace with the market or they just sell and leave. But you can only sell a house once so it's the rising tide isn't really raising their boat like it is for the tech workers. It's more akin to winning a scratch ticket that also forces you to move and maybe get a new job.