Android 5.0 android:elevation Works for View, but not Button?

The default Button style under Material has a StateListAnimator that controls the android:elevation and android:translationZ properties. You can remove the existing animator or set your own using the android:stateListAnimator property.

<Button
    ...
    android:stateListAnimator="@null" />

<Button
    ...
    android:stateListAnimator="@anim/my_animator" />

The default animator is defined in button_state_list_anim_material.xml. Here is a sample showing the enabled and pressed states:

<?xml version="1.0" encoding="utf-8"?>
<selector xmlns:android="http://schemas.android.com/apk/res/android">
    <item android:state_pressed="true" android:state_enabled="true">
        <set>
            <objectAnimator android:propertyName="translationZ"
                            android:duration="@integer/button_pressed_animation_duration"
                            android:valueTo="@dimen/button_pressed_z_material"
                            android:valueType="floatType"/>
            <objectAnimator android:propertyName="elevation"
                            android:duration="0"
                            android:valueTo="@dimen/button_elevation_material"
                            android:valueType="floatType"/>
        </set>
    </item>
    <!-- base state -->
    <item android:state_enabled="true">
        <set>
            <objectAnimator android:propertyName="translationZ"
                            android:duration="@integer/button_pressed_animation_duration"
                            android:valueTo="0"
                            android:startDelay="@integer/button_pressed_animation_delay"
                            android:valueType="floatType"/>
            <objectAnimator android:propertyName="elevation"
                            android:duration="0"
                            android:valueTo="@dimen/button_elevation_material"
                            android:valueType="floatType" />
        </set>
    </item>
    ...
</selector>