Several major tech companies just announced moves into Downtown LA...Almost every new apartment building built in downtown has reached 90% occupancy within 6 months. A few of them reached 95%+ occupancy within their first month. For about 2 months earlier this year, the available inventory of new condos (as in, sold by the developer) reached zero and even the supply of condos on the market dropped into the lower double digits.

California is experiencing a net outward migration of people, but from the parts of California where there are already too many people, so all those people leaving has had minimal effect on the price of housing in LA or SF.