It sure is a paper game in many areas. Look at A lot of Long Island ( I have little personal experience there) or where I work, Westchester NY. Westchester is one of the most affluent counties in the US. Our recent County Exec has been solid with cutting and I commend him for that, but we need much more. There is a sliver of a middle class. Westchester is a great place to live if you are filthy rich or dirt poor. Horrible if your making enough not to get free healthare or free food. There was an incredible "white flight" as it was termed over the last decade. It wasn't so much white flight as it was anyone, white, black, spanish, asian, with the means headed north to avoid the Westchester taxes and fees.
If well thought out it can be used, and done legally, to take full advantage of creditor policies. When I built my house I had 50k on a credit card...i've always been 800s credit score and the credit card was 1.9% for life. I'm down to 20k now but every creditor freaks when they see it. Best loan I will ever see in my lifetime! Was better than adding to the mortgage.