Argument 1:  When you invest in a more expensive Piedmont home, you get that investment (plus appreciation) back at sale.  Those paying private school tuition get a great education, but don't get their dollar investment back.

Argument 2:  Tuition rates continue to escalate.  Piedmont home prices are flat.  That option to invest in a Piedmont home is getting comparatively more and more attractive!

See my factsheet comparing Oakland to Piedmont neighborhoods (particularly read the caveats) at the Library at my website.