[macintux]

If no one was a millionaire, a small house in California wouldn't cost that much.

(I'm not defending the thesis, but it needs a stronger argument against than that.)

[anon291]

> If no one was a millionaire, a small house in California wouldn't cost that much.

It depends how this is structured. If the limit is you can't save, this actually puts pressure on housing prices as people are looking at ways to 'productively' spend the money.