We saw this in California.
Someone would buy a house on the coast in the 1940s or 50s and do the commute and inconvenience of living away from the heart of town and eventually pay it off and retire and then property taxes become so high 25-35 years later that their old pensions and retirement couldn’t keep up with the massive payments.
I saw a lot of old people in dire situations in places like La Jolla, Prop 13 helped.
Years ago I was priced out of the house I had owned for 20 years in suburban Boston.When I arrived it was a middle class town and mine was a middle class house in a middle class neighborhood. But then the neighborhood got hot and houses like mine were being bought,torn down,and $2 million McMansions (on 1/4 acre lots) appeared in their place.