That's the effect that untaxing land (e.g. prop 13) has on property values. That's the money that would be going toward unfunded pension liabilities were the land not untaxed.
Also took the risk of it decreasing in value relative to the dollar in 38 years.
I mean if it's free money, why don't you go buy up a $900K property and get some free money in 38 years? There is a little more to it, and of course, you realize, that it might not have increased in value over 38 years like it did the last 38 years.
Of course luck has a lot to do with it. I've lived in my house for about 15 years or so (not in CA). It's nearly doubled in value, but the interest payments alone over time cost about as much as the property, so it's a break even, then add inflation and I've probably lost some. I live in my house though, and I'm eagerly awaiting the day when I can live here without any more mortgage payments.