The basic idea is that people are being disproportionally taxed, usually in favor of the rich (i.e. people who have owned property in high CoL places for a long

The basic idea is that people are being disproportionally taxed, usually in favor of the rich (i.e. people who have owned property in high CoL places for a long time). By raising the taxes on these people to "fair" levels, a bunch of good things happen. First, a lot of property is opened up to the market because people are now willing to sell it, which should lower housing/land prices in general and enable more development. Second, the state gets a lot more tax money to use for education and whatever else.