Yes, relatively, the lever that municipalities had to encourage owner occupied properties (a homestead exemption) is taken away for upper middle class (especially if a married couple each has a tech salary, and if the state has even a low income tax rate)
Therefore, it becomes beneficial for the (even the same individuals) to invest in corporations that rent out real estate; and removes the ability for the city to use homestead exemptions to help discriminate to encourage owner occupied units.
So you get higher home prices/rents with fewer owner occupied properties, with less incentive for community investment (including property taxes), and fewer levers for the state/municipality to pull.
Therefore, it becomes beneficial for the (even the same individuals) to invest in corporations that rent out real estate; and removes the ability for the city to use homestead exemptions to help discriminate to encourage owner occupied units.
So you get higher home prices/rents with fewer owner occupied properties, with less incentive for community investment (including property taxes), and fewer levers for the state/municipality to pull.