We’ve been saying that since the 80s about Cupertino.
That was when $300K was an expensive home.
I hear you. And then interest rates went to zero for ten years.
Pete Wilson was governor then. California voted for Reagan in 1980 and 84 and Bush 1 in 1988. Now they've got Gavin Newsom. Foreign criminal gangs weren't breaking in and burglarizing homes. There wasn't rampant shoplifting. California public schools weren't among the worst in the country. California was building water and power-generating infrastructure instead of tearing it down.
IMHO, real estate, even in the fashionable counties of California, is riskier today than in the 1980s.