California has a ton of people moving here. That means there'll be some combination of population growth and people moving out. Of all my friends in SF, there are only five of us from here. When many of them move back out, it sounds like an exodus, but it's really just circulation.

Unless you are referring to specifically the covid moves, which are high cost of living minus geography mattering. It's anyone's guess whether it'll continue or reverse or what after covid.