The really expensive neighborhoods are too desirable for anyone to live there. They exist as capital anchors for overseas sovereign wealth funds and various long-run finance concerns to sink into a deeper market than their own, to act as collateral for their business adventures and as a currency reserve hedged against local inflation. No rent you could pay is worth the risk.

Low property taxes are highly conducive to this use-case, and notably, tenant residents can vote on raising property taxes and overseas sovereign wealth funds can't.