On the flip side, the jobs I've held where the interview process is more centered around my past work, discussions about approach to teamwork & software development, and extracurriculars/interests have never failed to lead to something more enjoyable and long-term. The fastest way, in my experience, to destroy a candidate's interest in your company is to demoralize and dehumanize them by dragging out the process for weeks (I am "still waiting" to hear back on a job I applied for in December... if they end up getting back to me at this point, I just can't see myself wanting to continue the conversation.)
All of this probably goes out the window in hyper-competitive fields but in my field for example (software engineering) where there's a labor shortage, I've found this to be the case anywhere outside of the companies that just want to test how well you remember your Computer Science degree.
It's a great way not to attract talent.
Yet, California has had plenty of people moving in to the state from elsewhere, enough to cause an acute housing problem in some areas. Something feels off in your analysis.
No one does 4, 5, 6 interviews if they know what they want and are worried about losing them. No one is worried because the candidate pool is so large and the position doesn't really need to be filled.
In my experience, it's not that hard. You have up to six months to fire the new hire for whatever reason you like. They can also leave during this time, of course, but people have a tendency not to.
I sometimes think companies spend too much time assessing candidates. I just spent months interviewing with a two companies. Each company had me doing a hour zoom call nearly every week with someone new until eventually rejecting me. I’d reckon if the person seems reasonably competent in the first 1-2 interviews, has work artifacts in the public domain (academic papers, patents, etc),and has a background closely aligning with the posting then just taking the risk is probably a better use of everyone’s time. Truly wild out there trying to convince people you know something.