Someone being able to take my house or business away at any time because they have more money doesn’t sound brilliant or practical. It’s also not market based at all. Trades are willing.
There were years, under Prop 13, when many people's houses -- that is, their land -- rose in value by more than their gross salary. Not their savings, but their gross wages!
And Prop 13 keeps taxes artificially low, driving the prices up. Normal turnover doesn't happen, so retirees stay in family-sized homes close to jobs they no longer fill, and young families are forced to "drive until they qualify" for a mortgage, and every workday thereafter.