This part of your comment doesn't follow for me: > municipalities can only keep pace with inflation by ensuring that there's a steady stream of new buyers at e

This part of your comment doesn't follow for me: > municipalities can only keep pace with inflation by ensuring that there's a steady stream of new buyers at ever-higher prices. Because of that, they vote to [...] restrict the supply of housing ("at ever-higher prices"). Restricting housing supply would lower their income, not increase it. Two $500k homes pay 25% more property tax than one $800k home.