Best case it will apply to commercial properties. I dont foresee changes to prop 13 for residential. They would also have to undo rent control, which is sort of like non-owners prop 13.
This is going to be difficult to unwind fairly but it is only going to get worse if we don't.
Property taxes should be proportional to the value of the property. We shouldn't give special breaks to one group or another just because we like them more.