Doesn't seem covertly racist to me, but maybe I choose not to see it. It's bad enough on its face so no need to add racism really.
A: they don't like poor people
B: they don't want poor people living near them
C: they want to prop up home values and this would limit that
D: they feel comfortable speaking for cupertino as a whole, so probably a long time resident.
Cupertino is overwhelmingly asian, 63% vs 32% in the county. Cupertino is a very wealthy town (rank 11th nationally in its size range). I think it's completely understandable, without introducing race, that anyone in a wealthy town doesn't want poor people bringing down the neighborhood. (Not saying it is or isn't correct or moral.)
Also just want to point out that Cupertino is not urban.