Read the Boy in the All-Girls School Manga

If the value of the property increases, there is incentive for owners to sell. If a developer wants to utilize valuable real estate, is it not better that they make an offer and that people have choice in what happens to their property, rather forcing out "incumbents" with no choice due to escalating tax costs?

Buying a house with potentially wild inflation of tax costs is about as attractive as buying a house with a variable APR. https://www.mangazuki.online/manga/the-boy-in-the-all-girls-school