Right. It's hard to argue that new home buyers should subsidize people who bought properties decades ago and have made hundreds of thousands of dollars on the a

Right. It's hard to argue that new home buyers should subsidize people who bought properties decades ago and have made hundreds of thousands of dollars on the appreciation. Why should taxes be disproportionally higher for new buyers and housing options more limited for everyone else? Not everyone in the world can live in California, and I'm not convinced that living there decades ago entitles you to live there forever if you can't afford the current prices. As a society we've decided to allocate scarce resources by price. If someone bought property in California decades ago and can't afford to pay their fair share of taxes on that property now, they can sell it at a huge increase in price and can afford to buy a luxury property in most other areas of the country.