The lack of indexing of capital gains taxation is a far bigger factor. As it is, a would-be seller faces losing * over a third* of the paper profit above 250K, and the cost basis doesn't reflect inflation.

If you're leaving the Bay Area, you're going to a far less expensive property, plus a dozen or so counties accept transfers of Jarvis-Gann protections anyway. But the tax hit is the crippling factor.