Just to be clear, while they’re avoiding property tax increases, they’re banking massive unrealized capital gains (which will also be passed through untaxed whe

Just to be clear, while they’re avoiding property tax increases, they’re banking massive unrealized capital gains (which will also be passed through untaxed when the property is bequeathed to their children). Prop13 + stepped up basis in capital gains means that we’ve legislated inequality and in many cases racial inequality since only white families could buy property in the wealthier enclaves of California.