Because a housing crisis leads to skyrocketing home values. They benefit from increased housing prices.
Further, any countering increase in property taxes is dampened by Prop 13. So there is very little reason to sell and cash-in vs just holding on for longer as the problem worsens.
When you are a homeowner with an expensive house, you don't want more homes built. That will increase supply and lower price.
Further, any countering increase in property taxes is dampened by Prop 13. So there is very little reason to sell and cash-in vs just holding on for longer as the problem worsens.
When you are a homeowner with an expensive house, you don't want more homes built. That will increase supply and lower price.