voting scheme for peaceful coexistence
If a person owns property in the town, then when voted out, they presumably forfeit the property.  This creates an economic incentive to systematically rob minority groups via things like the Spanish Edict of Expulsion which expelled the community of Jews that had thrived prior to the Reconquista from Spain.  Although the decree technically allowed them to sell their possessions (at firesale prices) before fleeing, they were not allowed to take the proceeds with them:


  And we likewise give license and faculty to those said Jews and Jewesses that they be able to export their goods and estates out of these our said kingdoms and lordships by sea or land as long as they do not export gold or silver or coined money or other things prohibited by the laws of our kingdoms, excepting merchandise and things that are not prohibited.


Such incentives might be sufficient for cartels to arise.  A cartel that can corner the market on readily available portable wealth can combine that control with bloc voting to vote out an identifiable minority group in such a way that they have little option but to liquidate assets through the cartel making the cartel members wealthy.

Any analysis should take into account such incentives.  Game theory, since it does not by itself model irrational tendencies like in-group/out-group bias, might have a hard time predicting such things.