There was a town in, IIRC, Colorado that, 15 or 20 years ago incurred massive debt to support infrastructure for huge growth. But after the first few McMansion neighborhoods were built, none followed. They ended up having to jack up the property taxes something like ten fold (maybe more) and people just left.
If there wasn't a Prop 13, my property taxes would have been around $6000-7000/year at the top of the real estate market as opposed to the ~2000/year they are currently (in a condo).
If they managed to get enough votes to overturn Prop 13 this place would empty in about 2-3 years max, you literally couldn't handle the tax increases that would immediately follow.