I think there's some truth to this, but the big story is simpler. Prices have doubled in the past 5 years. Because of Prop 13, if you've been an owner through

I think there's some truth to this, but the big story is simpler. Prices have doubled in the past 5 years. Because of Prop 13, if you've been an owner through this, you just stay where you are. Then the whole question becomes making sure things don't change. I think it's just a bunch of lucky owners who bought here 20-30 years ago with no intention or ability to sell, and not much interest in building new stuff. As far as stores of value, housing is a pretty bad one. It falls apart, is heavily taxed, and is relatively illiquid. I think you'd do a lot better with stocks, or bars of gold.