[bcheung]

I think what you say is true for long term renters but the complete opposite for long term homeowners.

There's rent control, Proposition 13, and fixed rate mortgages. Those greatly help long time homeowner.

Homeowners lock in low interest rates and fixed monthly payments. If inflation hits you're still paying the same. Possibly 1/5th the amount that your neighbor might be paying if you've had your house for a while.

With Proposition 13 your property tax won't go up more than 2% despite double digital home price inflation year after year in the bay area.

The amount of equity generated each year is often more than peoples' entire salaries.