Prop 13 was an effect, not the cause. The cause was and remains a lack of housing supply. Prop 13 was a knee jerk reaction to skyrocketing property values in the 70s caused by (among other things) policy (largely NEPA and CEQA) that was weaponized to make it ever more difficult to build.

I’ve seen quotes that something like 40% of all California politics revolve around prop 13. The promise your parents aren’t going to lose their house from arbitrary reassessments is a strong one (instead it will because they can’t afford medical bills). Prop 19 (2020) at least put a dent when it came to multi-home ownership and inheritance.