More complicated. CA city share of county/state property tax frozen in time in 1970s after Prop. 13: http://www.lao.ca.gov/LAOEconTax/Article/Detail/166 …https://twitter.com/hanlonbt/status/789175282523439105 …
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for people who got in earlier. What happens for today's middle-class? Today's service workers?
That's really the crux of it. You can't have housing outgrow wage inflation long term.
But Prop 13 should have dampened new housing purchase demand, not strengthened it.
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