[nugget]

At some point in your scenario proposition 13 would be tossed out and property taxes would be hiked up which would decrease property values. The process to amend California's state constitution is relatively accessible and particularly susceptible to waves of populist sentiment. If you're a homeowner with a vested interest in the status quo (very low property taxes) you also have a vested interest in keeping the home ownership and owner occupied rates relatively high (whether you know it or not) in order to maintain that political support.