It might be true if it's like Seattle. In Seattle, the University of Washington students, 30,000, and the young people who rent downtown, make up a large part of the Seattle core voting bloc. The business owners generally live outside the city, in the suburbs, so therefore non-property owners are basically deciding Seattle City policy. There is just something wrong with those who pay no taxes or no taxes controlling the city.
Then the city government wonders why they lose businesses. They need to look to themselves and who elected them and for what purpose. They sure weren't elected by people who know how to keep the economy running, or even want it to run.