(1) People who sold property abroad
(2) People moving in from areas where property went up in the last 10-20 years, held its value (NYC or DC), and is more expensive than in SD.
(3) People who took good advantage of the Bernankesized stock market and didn’t get burned.
(4) People who are successful in business or other things. CA is an attractive place to live or have a second home.

This still doesn’t help the average American schmuck.