"Efforts to undo Prop 13 have been tried since it passed," said Craig Benedetto of California Strategies at a recent CREW San Diego event. The event discussed the upcoming ballot measures that would impact the commercial real estate market, and of course, Prop 15 was front-and-center. The conversation included moderator Marci Mauro of Wells Fargo Bank; Erik Bruvold with the San Diego North Economic Development Council; and Kelly Moden of Community Housing Works, in addition to Benedetto.

"This one tries to "Frankenstein" it—a measure to cobble enough votes to pass," added Benedetto about Prop 15. It is the single largest property tax increase in history of California. Small businesses—which are most of San Diego's businesses—will be affected, and flow down to consumer prices. It doesn't stop at corporation's desk. Prices will increase." He added that the proposition requires 50% plus 1 to pass.

Most experts are concerned that this is the beginning of overturning Prop 13 completely. Prop 15, for example, originally included multifamily, but it was ultimately taken out of the proposition. "No one will be immune from this over $12B tax. It will increase prices," added Benedetto.