[pessimizer]

> they’ll become fantastically wealthy in such a scenario

If they leave immediately, rather than struggling to pay their massively increased property taxes, then mortgaging their house to keep up...

> by limiting property tax increases, California’s prop 13 is like a wealth SUBSIDY

...which apparently is a good outcome?

[Robotbeat]

More nominal wealth that reduces actual physical wealth (by slowing the improvement of land via adding denser housing) is not a good outcome. It’s just redistribution of wealth from newcomers or renters to existing homeowners.