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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: GraceZ who wrote (12818)8/21/2003 2:06:16 PM
From: gpowellRead Replies (1) of 306849
 
Well there is your answer as to why real estate went nuts, not Prop 13. If it were just Prop 13 then it would be a consistent problem all over CA. You made them millionaires paying so much for the houses around them but you forgot you did that. You were able to do that because you had funny money from stock options and tech stocks.

Thank you. I said this back in March.

SV realestate is a unique market compared to the rest of california. Prop 13 was not a response to real asset appreciation. No one has much sympathy for millionaires getting richer through asset appreciation.
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