Prop 13 is the coup de grace that exacerbates all the other issues that contribute to demand outstripping supply by removing the tax pressure that should've bee

Prop 13 is the coup de grace that exacerbates all the other issues that contribute to demand outstripping supply by removing the tax pressure that should've been incenting more density and liquidity in the housing market. Seattle's real estate market has some but not all of the same pressures: too prescriptive of zoning that requires single family homes for no good reason and booming economies adding jobs at a faster rate than housing stock. But Seattle builds faster and taller in the median case; though the tall building seems to go through waves of either being all apartments or all condos. Seattle has built enough housing supply that rents actually dropped earlier this year (https://www.seattletimes.com/business/real-estate/seattle-area-rents-drop-significantly-for-first-time-this-decade-as-new-apartments-sit-empty/ https://www.seattletimes.com/business/real-estate/seattle-ar...) and the median clearing price is less than half of the San Francisco rate.