Yes, but it will take years before they see the dilapidated properties that owners will refuse to keep up because it would be unprofitable to bother; and most of those to blame will be out of office.
Perhaps some large scale developments will be cancelled, and perhaps the housing market will cool, and maybe property tax income and property transaction tax revenues will start to fall sooner than that, which would be the warning signs for them to wake up.
I bet that there are properties that just took a valuation hit of 20% or more.
Why isn’t this classified as a government theft?