If they truly loved or appreciated their location they would work enough to be able to afford to live there in retirement.

It is unethical and impractical to hold wealthier individuals accountable for the financial missteps of individuals. Especially when hardworking and financially responsible people get crowded out from living in a desirible location who could actually afford it.

Of course, this assumes that anyone can acquire as much wealth as they desire regardless of circumstance, which, as we have seen numerous times, is as much a "theory" as gravity is.