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'Renters Are Struggling': Economists Back Tenant-Led Push for Federal Rent Control
(www.commondreams.org)
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this post was submitted on 06 Aug 2023
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It made you more rich on paper, but the reality is that you aren't in the same boat as landlords. The reason is that if you live in your property in order to realize the profit on it you'll have to sell it and move somewhere less expensive (i.e. somewhere likely less desirable).
Prices in real estate going up only really benefits real estate tycoons, the local government (depending upon location), and other side players in the market (e.g. real estate agents). For the rest of us, if you sell it just means that you have to turn around and buy in a more expensive market. Also (depending upon location, California properties aren't completely re-assessed for taxes until they change hands) it hikes your taxes.
As a single property owner in California, I'm rooting for prices to drop so I can upgrade and still pay the same amount of taxes (or less).
I wouldn't bet on it happening though.