> The killer with high property taxes is that you have to keep earning more as your property increases in value, or there is a real risk of you falling behind

That's a feature, not a bug. The entire reason California's real estate market is so dysfunctional is that people are disincentivized from selling due to Prop 13, so you have people living in oversized houses paying a tiny fraction of the property tax their neighbors are.

You "falling behind" means someone else gets a fair shot at living in the area without being disadvantaged by a 10x higher property tax.

Ideally the property would never increase in value in the first place, because we'd build enough housing to prevent that.