I'd have to imagine that part of this calculus is Prop 13 and emmigration patterns. California's Prop 13 raised property values by by essentially giving homeow

I'd have to imagine that part of this calculus is Prop 13 and emmigration patterns. California's Prop 13 raised property values by by essentially giving homeowners a property subsidy that increases the longer they own their home. Homeowners leaving California and moving to other states effectively get a cash out bonus which increases their ability to purchase in their destination state. Where do California's tend to move to? Western states[1], of course. This drives up housing costs in other Western states. You can see the california exodus details here and they largely reflect the inflated western housing price trend. 1. https://dig.abclocal.go.com/ccg/interactives/CA-Moving-Maps/index.html https://dig.abclocal.go.com/ccg/interactives/CA-Moving-Maps/...