I searched the forum, but didn't find anything about this so I figured I'd make a thread. Los Angeles is currently in the process of starting a complete make-over of it's downtown, complete with huge commercial areas, as well as residential areas that will have new schools and the like. It's all very exciting, but there's also the homeless population(around 6,000 strong I've read) as well as the fact that there are many working class people living in the area who might not be able to make use of the high-ened commercial. Also, if property values shoot up in the area then that could possibly hurt them in the property tax area.
(I was going to link to a couple of articles that had some good info, but I don't have the required post number.)