This is the reason for things like California Prop 13. It gives a benefit to long-time locals to continue living in the same place. Which on the whole seems like a good thing. People can set down roots and become "locals" instead of having a city of ever-changing population who then don't really care so much about the area because they are transient and will be moving away soon.

But most housing threads on HN favor the idea that incoming outsiders should be able to efficiently displace locals as long as they have more money to do so, and thus oppose prop 13.