Leases expire. The tilt point will hit quickly as everyone else clears out. That will ripple across the area, rapidly depressing values so the rest can be bought up cheap. The blight will spread as the magnet attracts homeless who don't want to live in an apartment, but on the street and poop in in people's front yards. Now there's a sanitation problem and tourism implodes like San Francisco.
California has imported a massive crowd of mentally ill people who can't live a regular life and I'm thrilled we got out 18 years ago. Beautiful state and I loved fishing and hunting in Northern California, but it's no longer a fit place to live.