Is the California Dream… just a dream? New UC Berkeley research suggests that for many Californians, leaving the state is becoming a pathway to homeownership and greater financial stability. After seven years, people who move out of California are 48% more likely to own a home than those who stay. But this story didn't start with the pandemic. The report points to long-running policy choices that continue to shape who can buy a home, who can stay, and who gets priced out. One factor identified by researchers is Proposition 13, the 1978 measure that limited property tax increases. According to Evan White, co-executive director of the California Policy Lab: “White pointed to the economic stress imposed by Proposition 13, the 1978 measure that limited property tax increases. Because the law allows homes to be revalued — and property taxes to be raised — only after a home is sold, new homebuyers are in effect penalized.” The tradeoff extends beyond individual households. If more peopl...