California housing crisis affecting middle class the most: It's 'a broken system'

[Sen. Walter Sobchak]

89. And if my house is worth significantly less when I sell...

am I still on the hook for all the years it was assessed at a million dollars? Good things I don't have any kids. "Sorry Son, I have to leave everything in my will to the tax assessor because crazy Chinese people were paying millions of dollars for houses around here back in the twenty-teens."

Capital appreciation and capital gain are not the same thing.

Making corporations pay substantially more in property taxes will just see them move to less expensive locations either somewhere along the Interstate or to another state. And if your idea of "normal" property taxes is taxing industrial and commercial land as thought it were developed at it's highest residential density, well then Rust Belt here we come.

I am also sympathetic to young people who have been priced out and I would like nothing more than to see the housing market crash hard and permanently.

There have been housing pressures in the past too and we did build our way out of them, but we don't need to build skyscrapers on the most expensive land on the planet and fight the community every step of the way through the process, we need new suburbs, new transit lines and new roads. Young people also have to broaden their horizons and realize there is a great big country outside of the half-dozen cool cities they disproportionately migrate too.