I wouldn't be surprised to find out that after a few years tax revenues actually drop.
A tax increase like this is no problem when you are living in government owned or subsidized housing.
But it's enough to drive out businesses and working homeowners - people who actually pay their own way.
"White Flight" is not just for whites. The smarter minorities also leave.
Baltimore is typical of many Midwestern and Northern cities, whose demographics were forever changed by the great black migration of the twentieth century. Not unexpectedly we found a cognitive discontinuity at the city line. Surprising, however, was its magnitude. Whereas suburban mean IQs (86 for blacks, 99 for whites) conform more or less to national norms, city IQs are dreadfully low. With a mean IQ of 76, inner-city blacks fall about 0.6 SD below the African American average nationally. More than a third have death-penalty immunity on grounds of mental retardation. The inner-city white mean of 86 is nearly a full standard deviation below the national white average. By this measure, whites fared worse than blacks.
http://www.lagriffedulion.f2s.com/city.htm