Adding onto this, is that it's not only a massive subsidy to homeowners, but also the many private equity firms that have purchased a ton of property all throug

Adding onto this, is that it's not only a massive subsidy to homeowners, but also the many private equity firms that have purchased a ton of property all throughout California (where this is relevant because the private equity firm has the ability to outlive any one person). Additionally, if you compare the percentage of renters in California to other states, it's often much higher, and this is a result of the fact that the cost of purchasing a home is substantially higher than renting the same home. Prop 13 enables this because these same PE firms who are able to leverage long term action are willing to prop up the value of homes in the short term since it is incredibly cheap in the long term.