[hkmurakami]

I'm part of one of those boomer families that have owned their house in the SF peninsula for many years (we're coming up on 25 years now), and many of us have no intention of ever selling because prop 13 has kept property taxes very low and selling would mean that we'd only be able to afford a much smaller/inconvenient place for the same upkeep cost.

What will change this is when the wave of deaths hit the boomer generation in the next 10-20 years. Once that hits, houses will be reassessed at current property values, and the house will often go on sale to settle estate taxes and to liquify the value in the house so that it can be split between the siblings.

However, the side effect will be that Peninsula housing rents will rise to adjust to the new higher property tax costs. That's right - we haven't soon the worst of rents with respect to single family homes yet... shudder