Unclear. We may end up like Japan in the 1990s, or Spain in the 2000s. 30% youth unemployment. The milennials just mean more/younger unemployed people.

On a more serious note, the recent historical trend doesn’t make per capita income doubling in 10-15 years too likely. It came close in 1980-1990, but that period was actually still marked by a downturn in housing. (Look at nominal pricing for some condos that sold in the early 80s, and again in the late 80s to early 90s.)

Anyone who thinks a market as volatile as California’s will go uniformly up-up-up is deluding themselves. Median price in San Diego has fluctuated between $350k and $650k since the crash. Guideline for affordability is 3x income. Median income isn’t even close to what’s required right now.