cash out their equity ... which means they pay income taxes on the unindexed gain (not adjusted for inflation). When you combine that tax hit with the cost of

cash out their equity ... which means they pay income taxes on the unindexed gain (not adjusted for inflation). When you combine that tax hit with the cost of a replacement property, and it being taxed at the full current rate, it's not worth it. Those voters who voted No on Prop 5[0], which would have made tax basis portable statewide, have nobody else to blame for the low property turnover among long held real property. [0] https://ballotpedia.org/California_Proposition_5,_Property_Tax_Transfer_Initiative_(2018) https://ballotpedia.org/California_Proposition_5,_Property_T...