By that same logic don't they already pay for property value reduction via a reduction in property taxes? I think the long term shift of revenue from property

By that same logic don't they already pay for property value reduction via a reduction in property taxes? I think the long term shift of revenue from property taxes alone have been observed to be insufficient to properly influence the market behavior - that makes a fair bit of sense since mayoral terms are almost never twice the mandatory reassessment window and sometimes don't even exceed the standard length between reassessments.