"this will hurt home values"
"I like being able to park on the [public, taxpayer-funded] street instead of paying for land to store my car on"
"This will bring more cars"
but it was telling that nobody at the meetings had school-age kids. They also fought like hell against bike lanes, which would help with the whole "people === cars" relation. I'm sure what you describe is a concern for people too.
Ironically the neighborhood was a huge draw for people from _other_ neighborhoods because it was so nice (South Park San Diego). Known for its small bungalow-style housing and pleasant, narrow streets - both illegal to build now. More housing would allow more folks to live walking distance from the nice bars, restaurants, etc. (and the well-regarded German-language school I would've wanted to send my kid to if I had one), instead of driving in and consuming available parking.
After all, kids learn all sorts of dubious things from "innocent" Places and well-off kids use things like drugs at a similar rate. They are simply less likely to get caught because they have unsupervised large back yards and things like that.
More seriously, preferring rich neighbors isn't rooted in racism, it's a cause of racism. Why don't you want poor people moving into your neighborhood? For the exact reason poor people want to move into your neighborhood! Because proximity to wealthy is valuable, and proximity to poverty is less valuable.