There is a wide gulf between rising prices and a speculative bubble. Prices didn't just go up during the bubble; pricess lost all relation to the underlying value of houses in terms of historical measures such as price to income and price to rent ratios. Those metrics have returned to within historically normal ranges. And we are not talking about 20% per year price increases; we are talking merely about modest gains in prices, perhaps slower than the overall rate of inflation.
Individual areas where prices are high, such as yours, are areas which prices have been high historically, due to their desirability. It is not a particular problem in the aggregate if prices and taxes are still high in Boston or New York or San Francisco, so long as the high prices are stable and sustainable. If they are, then there is no bubble; the prices are merely due to high demand and limited supply. With apoliogies to your plight, it is normal for some homeowners in high demand areas to look at disgust at their tax bills, isn't it?
There's little reason to be concerned about the low interest rates now. We are in absolutely no danger of a second bubble in housing at this point in time. Low interest rates should have been raised in the 2000s to cool an overheating housing market. But just because low interest rates were one contributing factor to the bubble then does not mean that they are bad now. There's not an overheated market now, nor an overheated economy-- quite the opposite.
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