housing bubble related to education

It occurred to me that education funding could be significantly impacted by a housing market crash, since as property values go down, so would property taxes which are a significant source of school district funding.

I imagine that this would hit inner city urban neighborhoods a lot more than wealthy suburban neighborhoods.

Here in SoCal, small one bedroom houses in Compton and East LA have been going for half a mil. There true value is probably somewhere around 100K.

Disclaimer: OK, compton houses might not have quite gone for 500K, but they were fetching 400K for pretty damm small houses, but for an example of what I was talking about see...

Real Homes of Genius