Just a small data point from my street. I live in an area where old mid century starter homes go for 1.2 million. Nobody on my street is wealthy. Almost everyone is an old boomer or their grown kid who inherited it.

One lady passed away across the street. She lived alone. Just met her 40 yr old daughter who plans to sell it. Next door a 45 yr old lives in the house she grew up in. Two more across the street sit empty most of the time because they are boomer homes that are now semi occupied by the millenial 'kids' who live elsewhere.

There is one particular boomer couple who live across the street, they are retired RESERVATION AGENTS for united lol.

These are homes that never sell because the people selling it could not afford to live in the state, partly because selling and buying something else, even of the same price, would RESET the california property tax to its current value- no Bueno. So there they sit perpetuating this whole supply problem...

a couple generations ago, a pair of united reservation agents could afford this home in LA by the beach, now I can't even touch it as a 737 captain. What a parable of our time....