The pitch is always the same. A gleaming control room, banks of screens flickering with real-time data, algorithms humming away beneath the surface, optimising traffic flow, predicting crime, routing ambulances, trimming energy waste. The smart city, we are told, will be cleaner, safer, faster, and more efficient. It will save money. It will save lives. And increasingly, as municipal budgets tighten and technology vendors sharpen their sales decks, the conversation has narrowed to a single question: what is the return on investment? That question is not inherently wrong. Cities should spend public money wisely. But when ROI becomes the dominant lens through which urban AI systems are evaluated, something important slips out of focus. The residents whose data powers these systems, whose movements are tracked and whose behaviours are modelled, are quietly reclassified. They stop being citizens with rights and start becoming data points with value.…