California is a highly cyclical Market and definitely not one I would gamble in.

Repairing a faucet or sink prolongs it's life, so that the floors and sub-floors don't rot away from uncontrollable flowing water and leaks, but is considered maintenance.The IRS says: that working on a kitchen faucet is considered to be 'General Maintenance" and does not add value to our homes.Hum, well that's confusing!

But, I know plenty of people who would rather get a set rate of return this time of year vs. gambling with a new president.

Flipping properties is inherently more risky and can often times be closely compared to gambling.

As a general rule , relying on uncertainty of timing, high risk etc , I feel, is more speculating , which is just a fancy word for gambling.  

If I banked on an uncontrollable events, or series of events, that would give me a projected return somewhere in the distant (telescope distance) future...and while I'm waiting it out, I'm rationalizing how I'm going to hit it big when I'm too old to enjoy it....well I don't.I buy for positive cash flow all day, every day.  

I'm not gambling.

Either way ( up or down) this is shaping up to be interesting indeed.http://www.ladowntownnews.com/news/a-downtown-condo-gamble/article_6a3b2ffe-97ad-11e5-a02e-17abc4cffc7c.html

How many people stopped gambling?

Most municipalities will settle for 10-20% of the total, but it is a small gamble.