Prop 13 and various forms of taxable money laundering (overseas money dumped into real estate, Other People's Money based VC funds, imported under-market labor.

Prop 13 and various forms of taxable money laundering (overseas money dumped into real estate, Other People's Money based VC funds, imported under-market labor...) are the only things keeping this godforsaken state from going Full Venezuela, which is about 10 years from happening anyway due to continuing demographic decline. If you allow the clowns in the state legislature to raise taxes ad infinitum they will do so, and then wail endlessly about white flight. California Secession Now; they must serve as a warning to others.