[quote=patientlywaiting]Remember that is a large underground economy in San Diego.

Many do not pay taxes or find ways to avoid taxes altogether. For those people, buying makes absolutely no sense.
[/quote]

This concept seems perfectly plausible. And I have seen anecdotal information supporting this.
It is pointless to consider this factor.

How can we factor in something we cannot quantify ?
Also, depending on the magnitude of this underground economy, the typical data we use for income (which impact price-to-income) may understate reality.

If the underground economy is large enough, does that mean that there is that much more “cash on the sidelines” ? ow does this counter the fact that those who already cheat the system don’t want to save money on taxes ?

I think it’s pointless to even try to consider the underground economy as a factor here.