"The Founders" of the US (however you want to form that category) were not the arbiters of what is virtuous about Democracy. Democracy is orthogonal to US law and intent. The PR for the US has always tried to message that they are a singular ethos.
My parents own two properties, but they have to decide which one they are residents of, because they are not entitled to a say in how both local governments are run.
If I am a long-term owner of Google stock, I still don't get a say in how Mountain View runs their city. A "vested financial interest" in an area should not be enough to give one a vote on local laws.
Nitpick:
I think you're correct that the problem is people who do selfish shortsighted things and leave others holding the bag but I think you are blaming the wrong people.
Pretty much everyone from Marx to MLK to Rand and Sowell identifies somme sort of class of "comfortable enough to meddle in things to further their self interest at everyone else's detriment" demographics as the root of a whole bunch of bad stuff.
In most municipalities middle class who are too tied into the place (often through home ownership) to just get out that provide the bulk of the political will to do short sighted "feels good" stuff that solves some minor problem they have but screws the whole place on a 20-50yr timeline (by which time the individuals responsible will have retired and cashed out to Idaho or Florida or whatever).
