Bubble, Bubble, . . .

Here is a headline and subheadline from yesterday’s Los Angeles Times (Andrew Khouri, Mar. 12, 2014, at p. B1:

Some ZIPs Regain Bubble-Era Pricing.

Most are in the San Gabriel Valley or the Westside. Many other areas remain well below pre-crash highs.

Which requires no comment, except to hark back to our observation of a few days ago that said:

“Not that it wasn’t foreseen . Back in 1979, when Agins v. Tiburon was before the California Supreme Court, Justice William Clark nailed it in his dissent when he noted that an adverse consequence of the Court’s ruling that denied recovery for regulatory takings and, indeed, denied that there can be such a thing as a regulatory taking, would be regulatory extremism that in the long run would cleave California into two states: one for the affluent folks who could afford fancy digs, and another one for the hoi polloi. That was back in 1979. And so it came to pass.”