Prop. 13 opened up loopholes for corporate landowners so their properties are often never reassessed and their property taxes remain at artificially low levels forever. This has shifted the tax burden to the backs of individuals and first-time homeowners and has dramatically reduced California's overall tax base, forcing the draconian cuts to vital services that we see today.

Hereís a staggering example: 30 years ago in San Francisco, commercial property owners contributed 59 percent of property tax revenues while residential property owners contributed 41 percent. Today, we see a virtual flip: commercial property owners contributed just 43 percent of property taxes in 2008 while residential property owners contributed 57 percent.