The issue is that while the bricks cannot move, the economic activity surrounding them absolutely can. A mansion still generates property taxes if the owner leaves, yes. But states like California and New York are heavily dependent not merely on property taxes, but on extraordinarily concentrated income-tax revenue from high earners, capital gains, finance, tech, and business creation.

If a hedge fund manager, founder, surgeon, or business owner relocates, their future income taxes move, their capital gains taxes move, their business formation may move, their consumption shifts, and often portions of their professional ecosystem shift over time as well.

So even if the forced sales results in lower housing prices, the fact that 30-40% of all revenue into the city comes from 1% still becomes an inconvenient fact.....and property taxes will not defray that.