When a bungalow from 1940 sells for 1.1m in santa monica, its not because that bungalow is plated with gold, but because you can destroy the bungalow and build

When a bungalow from 1940 sells for 1.1m in santa monica, its not because that bungalow is plated with gold, but because you can destroy the bungalow and build on that plot in santa monica. All of the inflated values of houses in ca is due to the parcel and not the structure already. A house might only be 200k, but the dirt it sits on is worth 900k. Prop13 really needs to go away. It chronically defunded local government and schools for almost 50 years and directly brought us to the crisis where we are at today.