Read an article recently (I will post it if I can find it again) that shows most of the outflow if from poorer, less educated Californians to less expensive states, while the inflow is from highly educated wanting an opportunity in the various sectors of the economy (stem, finance, film industry). Consequently, the real estate craze isn't about to end in California.
I just wished those who can't afford living there would pick up and leave rather than force gov to subsidize their living (rent control, low cost housing projects, tents, whatever). I'm a proponent of supply and demand with gov intervention only to ensure the mechanism is frictionless. If king for a day, I would cut all general assistance programs on one end and prevent property hoarding by owners on the other, making it costly to hold empty properties.
I just wished those who can't afford living there would pick up and leave rather than force gov to subsidize their living (rent control, low cost housing projects, tents, whatever). I'm a proponent of supply and demand with gov intervention only to ensure the mechanism is frictionless. If king for a day, I would cut all general assistance programs on one end and prevent property hoarding by owners on the other, making it costly to hold empty properties.