Foreign speculative bubbles can seriously damage markets when they pop, as has happened before with the Japanese at the end of the 80s on the American and Canadian west coasts. The current Chinese driven bubble looks very similar to the Japanese one.

Also, your rent isn’t going up by $25, but $1000. So even if your local gov is raking in more property taxes, you can only benefit from that if you can still afford to live there at all.