The citizens of the city of Arlington will soon vote on whether to increases taxas (0.5% sales, 2% hotel, 5% car rental) to subsidize the building of a new ballpark for the MLB Texas Rangers to the tune of $500 million. The concept looks beautiful.
This event affords a nice application of the indifference principle. The new venue will spur new development, offer new entertainment opportunities, and generate general positive amenities which will lead some people to want to move to Arlington. On the other hand, each of the current 140,000 households will be on the hook for an average of ~$3,500 in new taxes over the next few decades which will encourage some out-migration. If the former outweighs the later, leading to a net migratory influx, more home buyers should bid up housing prices. If not, house prices should fall.
The experience with Jerry World might be informative. My research on Arlington taxing itself to subsidize AT&T Stadium in the amount of $350 million finds that this event led housing prices to fall in Arlington relative to neighboring cities. The cost of the tax outweighed any benefits. Moreover, the total housing stock fell in value by ... wait for it ... $350 million.