Their wealth goes up but they can only access that wealth by selling. And in the meantime, if they don’t sell, simply living on the property becomes increasingly expensive. So yes, they won’t be walking away with nothing, but no, I can’t imagine the too many people enthused about the idea that a home that was affordable when they bought it is no longer affordable because the neighborhood is nicer.
If the property has gone up in value, the area has clearly changed. Either they don't like the changes and can cash out their unearned windfall, or they do like the changes and can spend it.
As a class, real property owners are wealthier and have means relative to people who don't own real property. The idea that they're some oppressed underclass is ridiculous.
