Counterpoint:
Where I live the land values have, at minimum, 4x'ed in the last couple of decades. This used to be a sleepy little retirement town, where retirees lived far away from the city, where nobody was interested in living except for those retirees -- hence why it was so inexpensive.
Those retirees are now being driven out en masse because they can no longer afford their property taxes.
These people retired on salaries and retirement packages (if they were lucky) from twenty and thirty years ago. They do not have an income beyond that. They are not millionaires, or anywhere close. Often, they're retired blue collar workers, barely getting by. They cannot actually purchase an equivalent property if they sell their own even at the higher rates--
--because they can no longer afford the taxes on it, and all the other properties around them have gone up just as much in value. They were driven up by the vastly wealthier tech types. These people have nowhere reasonable to move.
Bear in mind, we're not necessarily talking about multi-acre properties here, btw; we're talking modest homes that these people have been living in for fifty or more years.
They're being driven out because the much richer folk value their property. And to make matters worse? If they do sell the property, they instantly lose what little tax cap protection they had, so they'll be paying even more in taxes.
How is that not wealth disparity? If the tax hadn't gone up, they'd still be happily living there. They're only being pushed out because the younger, richer folk want their land.
If that's not increasing wealth disparity, then I don't know what is.