Yea, the point of property taxes is to stop that from happening.

Austin has been begrudgingly growing up, not without a raft of complaints from locals, because the property taxes are high enough to make selling to a developer tempting. In return, Austin has remained relatively affordable in comparison to other tech hubs.

This then means there is no real fix to anything since basic human greed always prevails. May explain why things move slowly if at all.