You're drawing a disproportionately weighted link between high property values and the low taxes of past property owners, it's just not there. This is a proble

You're drawing a disproportionately weighted link between high property values and the low taxes of past property owners, it's just not there. This is a problem in the especially desirable pockets of California, and people don't want to give up a good thing once they've got it, especially when it's increasingly scarce due to the low rates of residential development. You wouldn't have fixed the housing shortage by raising taxes, you'd just have accelerated the concentration of wealth displacing people who luckily got to live out their lives in a place they could no longer really afford to compete in. It would still be exorbitantly expensive IMHO.