I’m familiar with both of those, prop 13 in particular has made a landed gentry in my area with million dollar run down bungalows. What I’m more interested in

I’m familiar with both of those, prop 13 in particular has made a landed gentry in my area with million dollar run down bungalows. What I’m more interested in is this elasticity thing. Are you saying that the effective 0 supply has unmoored the price and it can wander, or is it that 0 supply sends the price up into the stratosphere?