That’s the Democrats’ view, in this article in the Los Angeles Times. The article says that because of Proposition 13 limits on property taxes (properties are not reassessed until a change in ownership), California loses tax revenues.
It’s true.
It’s also true, but not stated in the Times, what the impact would be if this proposal were to pass. Fewer investments in California. Fewer jobs. Higher prices. As noted, California is already one of the most expensive places to do business in the US. But it’s not enough for the left.