California has enormous pension obligations at every level of government to the tune of tens of thousands of dollars per household (maybe 77k!?). It will not m

California has enormous pension obligations at every level of government to the tune of tens of thousands of dollars per household (maybe 77k!?). It will not meet that liability with a declining population, particularly if corporations and the wealthy do the leaving. It can’t legally shift money around, it’s all been allocated by the voters. The only option is to increase taxes, and probably by a lot, which would push more people out of the state given it already has the highest taxation in the country. If I were Ca, I’d be building as much new housing as I could as quickly as possible. Hopefully, declining housing costs (against inflation if nothing else) would make it a wash for future residents.