It's actually a little more than 5% of the median house price ($515,000), but setting that quibble aside that's a median* - meaning half of the homes are below

It's actually a little more than 5% of the median house price ($515,000), but setting that quibble aside that's a median* - meaning half of the homes are below that price. I know a lot of us Bay Area folks tend to forget this, but there are a lot of people living in California where $515k would buy the biggest house in town, and new home prices are closer to the 250k. This legislation is clearly a regressive burden on the less wealthy home buyers. [1] median list price from https://www.zillow.com/ca/home-values/ https://www.zillow.com/ca/home-values/