The really expensive neighborhoods are too desirable for anyone to live there. They exist as capital anchors for overseas sovereign wealth funds and various lo

The really expensive neighborhoods are too desirable for anyone to live there. They exist as capital anchors for overseas sovereign wealth funds and various long-run finance concerns to sink into a deeper market than their own, to act as collateral for their business adventures and as a currency reserve hedged against local inflation. No rent you could pay is worth the risk. Low property taxes are highly conducive to this use-case, and notably, tenant residents can vote on raising property taxes and overseas sovereign wealth funds can't.