100% this. It also can't be emphasized enough that these property tax breaks have disproportionately benefited older, white Californians (due to both historic property ownership rates and demographics).

Edit: For the folks downvoting, well, here are a few links:

* https://www.census.gov/hhes/www/housing/census/historic/owne...

* http://www.nahbclassic.org/generic.aspx?genericContentID=261...