Actually, I don’t think that has been or will necessarily continue to be the case, either here in San Diego or elsewhere.
Following this thread, I can see that apartment rents are on the rise. But, with the current condo glut, I wouldn’t be tremendously surprised to see a reversal as large numbers of these unsold condos get returned to rental market inventory. I think you’ll see the same thing with homes that people can’t afford (I certainly am now).
While the owning over the long haul theory certainly has merit, it happily ignores the issue of buying overpriced assets. Waiting can be a very prudent decision and could definitely mean the difference between a house being worth significantly more than you paid for it and probably significantly more.
Also, I don’t think anybody that might be in the market for a home right now would be saying thanks to Proposition 13.
