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The wealthiest Californians are fleeing the state. Why that’s very bad news for the economy

via CNBC Television
This article was originally published at StateOfUnion.org. Publications approved for syndication have permission to republish this article, such as Microsoft News, Yahoo News, Newsbreak, UltimateNewswire and others. To learn more about syndication opportunities, visit About Us.

In recent years, California has experienced a significant out-migration of high-earning and well-educated individuals due to factors such as high taxes, soaring living costs, and housing market challenges.

This trend has led to a substantial impact on the state’s economy and tax revenues.

The exodus has been driven by various reasons, including tax breaks, more affordable living, and remote work opportunities. (Trending: Democrat Targets U.S. Troops With New Gun Control Law)

The departure of high-income individuals, including professionals and companies, has resulted in a record budget deficit and notable shifts in migration patterns, with destinations like Texas and Florida becoming popular choices due to their lack of state income tax.

Joel Kotkin, a fellow at Chapman University, said, “There’s a price to pay for the movement of middle and upper-income people and corporations.”

“People who are leaving are taking their tax dollars with them,” he continued.

Soo-Jin Yang said, “Definitely the tax breaks, more affordable wages.”

The state’s pricey housing market and tax policies are expected to continue driving people away, particularly those in the 35 to 44 age group.

The rise of remote work during the pandemic is also seen as a contributing factor to the increased out-migration of highly educated individuals.

Estate attorney Todd Litman, said, “They’re saying, ‘Hey, I’m working hard and the income tax is just killing me.'”

Economist Mark Zandi said, “This is probably motivated by the severe housing affordability crisis in California.”

“It’s all but impossible for them to become homeowners in the state,” he added.

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