Re:Elon Musk moves to Texas
by majormajor on Wednesday December 09, 2020 @04:29PM
(#25365368)
I think it's probably overstated, California isn't the only place that's seen urban areas with a lot of high-paying jobs + a lot of property value growth in the last few decades.
It probably means prices are a bit higher than they could be, and people have stayed in their current property longer than they might've, but as a dominant factor? It's a lazy explanation since expensive city property is a problem elsewhere in the US and internationally too.
That continued price growth also tells you that "exodus" is a misleading oversimplification, since it means people are still buying. It wouldn't be too expensive for the people leaving if there weren't richer people buying!
(Even in a prop-13-less CA, the additional people selling their current properties to buy new CA properties instead would be adding to both the buyer pool and seller pool, it's not like there'd be an increase in inventory without an increase in buyers. So price effects seem potentially weak?)
It probably means prices are a bit higher than they could be, and people have stayed in their current property longer than they might've, but as a dominant factor? It's a lazy explanation since expensive city property is a problem elsewhere in the US and internationally too.
That continued price growth also tells you that "exodus" is a misleading oversimplification, since it means people are still buying. It wouldn't be too expensive for the people leaving if there weren't richer people buying!
(Even in a prop-13-less CA, the additional people selling their current properties to buy new CA properties instead would be adding to both the buyer pool and seller pool, it's not like there'd be an increase in inventory without an increase in buyers. So price effects seem potentially weak?)