People have been saying this about Carmel since the mid 1990s.
What is going on is sustainable as long as long-term economic growth is positive. Growth is the key... along with making sure that incentives and bond maturity are managed correctly.
edit: To be fair, Carmel is mostly middle class.
And found:
> Median household income in Carmel, IN is $132,859.
Another search shows:
https://www.statista.com/statistics/205609/median-household-...
San Francisco and San Jose have roughly the same household median income. Those cities are definitely upper middle class by US standards as a whole.
All said, I still greatly value your posts on this topic. It seems like you are someone with first hand knowledge of this transformation. Thanks for taking the time to post about it. HN is better for it!
From what I could find online, it's at about the 77th percentile for the U.S., so bordering on upper class (usually defined as the top quintile). Since the median household income for Indiana is slightly lower than the national median, it's probably safe to say it's upper class for Indiana.
The blog post says:
> A city-run water utility with lower rates and no drought restrictions.
Searching "infinite growth model" can help understand some of the problems with that assumption.