So, how is this different than a kind of trick down economics, which shows repeatedly that whatever growth you see on the overall scale of the economy, that it typically only further stratifies society between the haves and the have nots.

Isn't there always some other gigantic public works project on the table such that even if anything ultimately trickles down it does so at a rate that keeps only the contractors prosperous?

Maybe, the city is better off with a much lower tax base if it means that the basic services of people in the city are met or at least are as fair as can be to all who have a stake in the city. Perhaps, it is better in the name of ending class stratification that we as a whole (taken as a gross sum - pun intended) so that more as individuals do better.

That will cause it's own set of problems, but at least it will be our problems for us to solve and not the problems for those who hold the keys to solve.