Look elsewhere for more knowledgeable commentary, but California is a "strange" place for a variety of reasons, and one of them is the state is absolutely filled with property rich/income "poor" people. You get a bit of that in particularly expensive areas all over the country, but in California you get them throughout the state.
"Income poor" doesn't mean poor, but it does mean people who own $4 million homes don't necessarily have anything like the annual income you would imagine it takes to buy such a home today. There are a lot of consequences of this, not all good!