This is all thanks to prop 13. If prop 13 didn't exist, housing prices would be lower because people would sell and retire on their appreciated property value

This is all thanks to prop 13. If prop 13 didn't exist, housing prices would be lower because people would sell and retire on their appreciated property value in an area with a lower cost of living and fewer jobs. As it stands, people who own houses in California feel like they can't sell because they are getting such a good deal on their property taxes. If prop 13 didn't exist, rents would be lower because people would be more likely to sell to developers who would then build more apartments. The phrase "pulling up the ladder behind you" comes to mind.