[ashtonkem]

Wealth is moveable, but often not very far. Closely packed states have a big issue of people moving across state lines to escape taxes; think of hedge fund managers moving to New Jersey.

California is big, and has a lot of stuff in it people find desirable. Moving from CA is to commit to moving hundreds of miles to get to another state, which is a pretty extreme ask comparatively.

Historically CA has managed to get away with high taxes and disastrous housing policy because it was desirable; good jobs, weather, etc. With remote work it’s yet to be seen exactly where the balance of desire and cost will settle back out to.