A recent article in the Wall Street Journal should dispel all doubts as to why Prop. 13 is so important to California homeowners. The article, entitled, “Americans have amassed $35 trillion of wealth in their homes, yet many feel less well off because of it,” presents a sobering view of what is happening in most other states. The extensive piece, written by Veronica Dagher and Anne Tergesen, addresses how home ownership can be a two-edged sword. First, the good news. Home equity, nationally, has increased 80% since 2020 due to rapid increases in home values. This approximately $19 trillion in...