Yes, the limit on increase of assessed value helps the elderly. All the other property investors (such as grandchildren and corporations) are just happy to reap the benefits. In other words, the design does not target the elderly.
1) Elderly who bought early pay low tax, elderly who bought recently pay high tax
2) Younger people who are also rich pay high tax, but can afford it, and it is proportional to the amount of services they are receiving
3) Younger people who cant afford these property taxes are priced out of the area.