One reason California real estate prices are so bizarre is because of Prop. 13 which basically locks in property taxes at sale and even lets kids inherit their parents homes with that same locked in tax value. 40 years later this makes things really weird.
My question is... sure the kids can inherit the property, but illiquid assets are a bit of a problem when there is an estate with multiple kids. Gotta sell. The original prop. 13 population is heading towards the, uh, afterlife phase. Anyway, just not something I've ever seen addressed. I suppose I could google that for me.
