Nah, it's because CA is more than 12 feet above sea level.
I’m in Northern California in an area about 40 miles from Sacramento in the foothills. In 2007 I had my house built on 6 acres for 445,000 including the land purchase. It was appraised at 600,000. I am trying to sell it right now. My realtor offered it 3 months ago at 375,000. No interest. We dropped it to 350,000, no interest. Now this month we will be dropping it to 330,000. He thinks it will drop to 300 or as low as 275 before we get any interest. They are scared up here that property values are going to drop 20% or more next year, and that was before Moonbeam was elected. Now who knows, buyers are afraid of what is going to happen and don’t want to put their investment into real estate here until something assures them of stability. Who has a clue now ? Not in California anymore. Scary, I’m moving outa here as soon as I get this thing sold and take my lumps and move on.