This is of course patently false, since the real estate market in CA has gone through the roof, and cities are flush with new property tax money at sky high val

This is of course patently false, since the real estate market in CA has gone through the roof, and cities are flush with new property tax money at sky high valuations. The house we bought was last bought at $150k, and we bought it for 10x this amount. The amount of turnover in real estate in our city in the Bay Area has reached a fevered pitch, so the cities are actually benefiting from more tax revenues.