BTW, the best investment in CA during the 70s was real estate. Ditto for the 80s and 90s. Low interest rates combined with skyrocketing population means only one thing: increased pressure on housing prices.
The one good thing about illegal immigration (and their 6+ kid families) in this state is that certain areas are experiencing tremendous 'inbound' white/asian flight to get away from the cancer zones.
The simple math is that with private schools running at $10k/year, one can afford a mortgage increase of $150k @ 7% to reach breakeven for a good public education and let Uncle Sam pay for the benefit (ie mortgage deduction); 2 kids equals $300k, etc.
So houses in geographically 'contained' school districts like Irvine, Orange, HB, etc (ie not a large far flung beast like LA Unified) that should be by all rights selling for $300-400k are going for $700-800+.