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According to Leo Peak, a real estate agent at Peak Family Real Estate Group, many homeowners are currently feeling the "golden handcuffs" effect of being locked into their homes by historically low mortgage rates.

“Its initial dip in revenue owes more to developers and the real estate lobby hoping to overturn it in court or at the ballot box — and losing.”

When friends questioned the wisdom of planting a garden that may be destroyed to make way for real estate development, Horvitz brushed concerns aside.

“The number would be so low that the city would be better off waiting,” said Louis Tomaselli, the Irvine-based executive managing director of JLL, a real estate and investment management firm.

But other companies are increasingly vying for real estate in orbit.