Let's assume that the 4400 homes are $1 million each; that will be $4.4 billion in property value; property tax (aside from that dedicated to approved bonds) is fixed at 1%, so with million dollar homes it would gross $44 million in property taxes. So, it'd take much more expensive homes to net around $50 million for the city, and while I don't see a clear estimate of the price of the homes, the fact that the article points to affordability as an issue addressed suggest the plan isn't to build million-dollar homes.