> There, the neighborhood was completely gentrified, but the locals benefited greatly, because many of their home prices increased in value

But they lose mobility as their family needs change. New kids and need a larger home? You can sell yours, but the differential between a 2br and 4br is now outside your price range due to gentrified prices.

Also, it depends heavily on tax laws. Long time California home owners are protected from tax increases under Proposition 13, but many localities lack these protections, so ultimately higher taxes price you out.