*with 1975 property tax locked in thanks to prop 13

That is so true and one of the major reasons SV real estate is such a tight market. Those tax rate freezes essentially eliminate a good portion of liquidity normally present in a market.

Is that accurate? Property taxes can change

Property taxes are locked to the purchase price of the home in California because of a law called Proposition 13. It's a been major contributor to the housing crisis but is extremely popular with everyone who currently owns property. It lets owners benefit from appreciation of their property without any increase in their tax liability while newer (and often younger) buyers must pay taxes based on the current absurd home prices.

Yes, with rare exceptions Prop 13 means you get your property tax assessment locked in when you purchase. The major way to trigger re-assessment is to pull a permit for construction/improvements, which is why unpermitted remodels/additions are so rampant in California.

To be fair, it's hard to say that trying to follow the exact same trajectory today would lead you to the exact same place in 2061.

  suburban California home purchased in 1975 for $10k

Where? About the cheapest you could do in San Jose then was $21K for a 1400sf condo from Singer Housing (the budget developer of the era). I grew up in one.

HN guidelines discourage these sort of shallow dismissive comments. Reading a constructive rebuttal would be more interesting.

While snarky, he made a point about material interest differences between two generations.

^Nimby boomer.