> If property taxes were higher that flow of capital wouldn't seek store-of-value assets which monopolize valuable land and deprive ordinary people of somewhere to live.

Only they still would, because the higher property taxes would deter new construction until scarcity increases rents to the level that investment gets back over the threshold of profitability. And then investors are still there and what you've really done is cause rents to increase to the level that allows landlords to use it to pay the higher property tax.

> They channel their media networks towards scapegoating immigrants instead. Or AI. Or selfish boomers. Or any number of other things which aren't really the problem and most importantly aren't them.

Are "selfish boomers" not the problem in this case? Who are the ones lobbying for NIMBY zoning rules?

> This is how San Francisco ruined itself - with precisely that attitude of "lower taxes = better"

The big problem with prop 13 isn't that it lowers taxes, it's that it disproportionately raises them if you build anything new on your land or sell it to anyone who wants to.