This underlines my general observation that inflating the value of property beyond what can be reasonably afforded by those willing to live in an area has the indirect result of undermining the very living value that attracted people in the first place. Look at a city like San Francisco that is no longer a viable place for middle class incomes to raise a family. It's attraction stemming from an arts and culture scene where artists can no longer afford to congregate. Communities are made by people and when those people can no longer afford to subsist there they move on and so does what made the community in the first place.
This is what happens when all value is reduced to property values. What good is moving to an area with quaint local shops if they all have to shut down eventually because of the increasing commercial rent?