Earlier quoted context omitted.
Prop 13 only sees statewide median homeownership period go up slightly in california compared to national average. The real issue is not these edge cases that prop 13 might bring about, but zoning. Have a look at this graph: https://substackcdn.com/image/fetch/https%3A%2F%2Fsubstack-p... You can see how even with prop 13, even with various RSO ordinances, even with red tape, even with building code requirements, the…
Porque no los dos? Zoning limits what and how much is permitted. Prop 13 changes the economics and greatly reduces churn and supply, both for redevelopment and migration. Prop 13 takes the normal supply problems introduced by zoning and turbocharges them.
Consider this idea of "sitting on some land because taxes are low" with the reality that this land can't be developed in a very lucrative way against the cost of developing said land. That math changes overnight if that land is now allowed to have a 100 story tower on top of it instead of a single story commercial building perhaps with maybe four tenants paying rent. Now you are sitting on an asset you could actually sell for an appreciable amount of money to someone who will bring the financing to build that 100 story tower, and you can now dump that cash into some investments that will make you more rich.
Really, most of the world that is in a housing crisis fits this pattern: high demand for housing, existing environment built to the limits of zoned capacity, local government unwilling to ease zoning so as to preserve the power to anoint land for instantaneous demand driven development. Most (all?) of these places also regularly reassess property tax.