It's funny because it happens at all levels.
The uber wealthy have their gated communities in the hills.
The very wealthy have their lock on places like Carmel.
The upper-middle class in Santa Cruz or Half Moon Bay try to prevent new condos (or student housing) from being built, because it "destroys the community character."
Everyone wants to pull the ladder up behind them.
Yea, the point of property taxes is to stop that from happening.
Austin has been begrudgingly growing up, not without a raft of complaints from locals, because the property taxes are high enough to make selling to a developer tempting. In return, Austin has remained relatively affordable in comparison to other tech hubs.
This then means there is no real fix to anything since basic human greed always prevails. May explain why things move slowly if at all.