However, in CA for instance, prop 13 is great for those who stay in their homes for long periods or purchased them before they went from 100k to 750k in just a couple of decades.
But for everyone else wanting to buy? Ferrget it. They're going to get looted and robbed, but good.
The problem with Prop 13, is that the State wound up taking up the slack. If anything, there should be more taxes at the local level than at State and Federal Level. More local taxes means more local control.
My sister learned that the hard way. My dad made her executor of the family trust to spite me for moving to Idaho. When mom passed, the value of the house on her passing was recorded in the trust. Annual property taxes were $923. I had no desire to be tied to CA property. My sister erred in how show chose to purchase my half of the house. It was removed from the trust and half ownership assigned to each of us. My sister took out a load to buy my half. Because the house was pulled out of the trust, her half was reassessed taxes at market value. She barely breaks even with a very expensive rent to cover the principal, interest, tax and insurance. I expect the property to go upside down on value vs what is owed on the half mortgage.