I wouldn’t necessarily disagree with that. What’s happening here is that the up-scale middle class is shrinking at the same time illegal immigrants are flooding the area.
While property values remain high, there are now two and three families living in homes that were formerly supported by one.
Family income has dropped, but they can still afford the homes because there are three or four (even up to six) incomes in those homes.
Supply and demand...
This is another great point rarely mentioned and that is the MULTIPLE hispanic families living in very small homes in California (And I guess in many other states.) But it does have an impact here on a variety of levels.