California is the nation’s richest state. It is also by most measures among its most unequal.
This pernicious overlay of inequality onto wealth takes many forms. In the Bay Area it is increasingly generational and tied to home ownership. Those who had the good fortune to buy a home many years ago have had much greater opportunities to build wealth than those who have followed. Prop. 13 has served to entrench their generational privilege, while several add-ons allow it to be passed on to future…
