Not different from the current system, where we elect politicians who promise not to raise taxes, so they defer maintenance on all infrastructure, until in 70 years we have to spend trillions replacing old pipes/bridges/roads that could have been kept up for decades longer with better maintenance.

Except they can't go begging to the feds, because they've also have been voted in under platforms of "minimize tax increases" for 40 years, so they're also indebted.

Chaos for badly managed HOAs, that will have to be dissolved and the property transferred to municipal control... disbanding bad HOAs and leaving properly managed HOAs.

I didn't mention that bad HOAs should definitely have the option to not have to pony up... However, suburban homes have to get their taxes ramped up, because they are unsustainable at current levels.