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At this point the only economically rational thing for the other 45% to do is leave. Yes California is awesome in lots of ways, but it's someone else's house (l
by api 5y ago
At this point the only economically rational thing for the other 45% to do is leave. Yes California is awesome in lots of ways, but it's someone else's house (literally) and you don't really live there.
If enough people do this, the NIMBYs will get what they deserve as home values crash.
- seanmcdirmid 5y agoIf enough people leave because housing is too expensive, then eventually housing stops being too expensive and people stop leaving. Eventually an equilibrium is reached, but that we might be at that equilibrium already if California’s population isn’t crashing.
- api 5y agoCalifornia has a huge economy with a lot of network effects that draw and hold people there. Going remote and geographic diversification of industries will help people escape the California rent trap. SpaceX is leaving. VCs increasingly fund startups anywhere or fully remote. Software companies are going remote. It’s happening. COVID has accelerated some of these trends a lot, especially remote.