If you think that a house bought today will see the same relative increase in value over the next 20 years then yes, you'd be right. I'd argue that seems extrem

If you think that a house bought today will see the same relative increase in value over the next 20 years then yes, you'd be right. I'd argue that seems extremely unlikely for a whole set of reasons but the time will who was right. Note that we're not just talking here about paying lower tax for 1-5 years where the property prices go up, we're talking about taking advantage of this benefit over the course of multiple decades, that's where it adds up and I doubt the same will be true for those that buy a house in Silicon Valley today at market price.