California has a huge swath of homeowners with Prop 13 (low property taxes) while others don't. They will never move and cannot afford to do so. Also, most who

California has a huge swath of homeowners with Prop 13 (low property taxes) while others don't. They will never move and cannot afford to do so. Also, most who own outright may still hold the false belief of perpetual rising prices. And often with most of their net value is tied to the value of their home, they will wait it out regardless of the real long-term future outlook. Bay Area prices will probably not decline unless many big tech companies leave. It probably won't happen but there's a possibility of it.