I'm not sure of the exact value of the median home in CA, but I think it may still be less than $1M (hopefully).
Whereas rent for that Bay Area home is how many thousands per year? Probably $60k-100k, and not subject to a 2% annual increase? $12.5k is an absolute steal.
Makes me think that we should have greater estate taxes. Maybe limit inheritance to 5x the median annual income in the area or something like that. Capitalism does not function well when wealth becomes a caste system.
Whereas rent for that Bay Area home is how many thousands per year? Probably $60k-100k, and not subject to a 2% annual increase? $12.5k is an absolute steal.
Makes me think that we should have greater estate taxes. Maybe limit inheritance to 5x the median annual income in the area or something like that. Capitalism does not function well when wealth becomes a caste system.