Thanks for your comments and i agree that theres no point in introducing yet another local currency.
The idea of citycoins is to enable stakeholders to buy-in into a city that resonates with them and have conviction in their growth. Not so much as a local currency to be spending on everyday item.
So, then your proposal is to sell a coin that represents equity in a city, and I could own 10% of New York City, for example. What would that mean? What would be my incentive? Would I receive dividends? Would I get 10% of the vote?