Prop 13 is certainly unfair policy, but is almost certainly not a causal factor.
New York is a great example of a place with runaway train property taxes and perennial housing shortages in the NYC Metro area.
Property tax escalation creates vicious cycles, vaporizing buying power and creating disincentives for property maintenance, especially in older houses and poor neighborhoods.
In those areas, government aid programs create a housing price floor, so property owners maintain the minimum requirements for habitability, run the property down to zero value, and walk away.
New York is a great example of a place with runaway train property taxes and perennial housing shortages in the NYC Metro area.
Property tax escalation creates vicious cycles, vaporizing buying power and creating disincentives for property maintenance, especially in older houses and poor neighborhoods.
In those areas, government aid programs create a housing price floor, so property owners maintain the minimum requirements for habitability, run the property down to zero value, and walk away.