I totally get that wealthy upcoming families want to live in upcoming neighborhoods within the reach of all the things that urban living has to offer.
The City Council must MUST MUST protect existing residents from the housing inflation that this wealth projects upon them. Mpls must figure out a way to protect long-standing residents in very desirable neighborhoods from the speculative, new investment that very wealthy up and coming (yuppie we used to call them) couples can bring to these established neighborhoods.
I suggest that property tax increase be suspended until the property changes ownership through the real estate exchange process. The new owner now realizes the additional cost of higher property tax through demolition and rebuilding and is able to absorb the cost. No homeowner should be forced out of her/his 30 or 40-year home ownership by the cost of property tax increases caused by the re-gentrication of one’s neighborhood.