This basically doesn't happen in California due to https://en.m.wikipedia.org/wiki/1978_California_Proposition_13 https://en.m.wikipedia.org/wiki/1978_Californi

This basically doesn't happen in California due to https://en.m.wikipedia.org/wiki/1978_California_Proposition_13 https://en.m.wikipedia.org/wiki/1978_California_Proposition_.... The unintended consequence is that cities get much more in taxes from businesses tban residents. California has therefore overbuilt its business base while underbuilding housing. The result is a severe housing shortage and sky high rents.