This is generally seen as good for fighting against gentrification and allowing seniors to age in place, as your property taxes won't jump up dramatically just because the real estate market is appreciating.Many here in WA, myself included, believe that some of our income inequality and gentrification problems could be solved by adopting California's model of property taxation.

Prices have increased dramatically, but there are always deals to be had.

The Big Short was obviously a dramatic interpretation.

Will it dramatically effect housing prices?

Completely agree with @Michael Jones, aggressive breeds will cause your insurance rates to increase dramatically.

My feeling is that this is a great opportunity to setup your portfolio to perform dramatically better in the future when rates start to rise.When being offered rates that are shockingly close to zero given their long term averages, I don't see the wisdom waiting. 

As long as the properties cash flow significantly you should be able to weather vacancies and market downturns as long as rents don't drop too dramatically.

The complexity comes from the dramatically diverse laws are from state to state, sometimes even county to county. 

The comment was a little dramatic. 

What I'm proposing would dramatically increase the number of units available in the area if adapted on a large scale.