California has another distortion. The property value for tax purposes does not change unless you sell.

In many other states there is the lesser distortion of property valuearions for tax purposes not being allowed to go up faster than a roughly fized rate. Something like 3% a year.

At a practical level I wonder if limiting how much rents can increase from year to year would be a better policy, than not letting rent levels change at all.

Then there is the question of how to encourage home construction so there is sufficient supply where there is demand for people to live.