I feel like these trends are waves and we are currently in the down trend. I think we’ll see a bigger uptrend once the economy stabilizes again. We are in a multi prong proxy battle between energy sources and work/life shift. Once people figure out this change I’m sure things will get better as they did for other cities like nyc. Things were really awful back in the day and got better, then got worse, then got better again.

Also, companies might move their headquarters to Texas or whatever but people deep down (workers and probably also the company owners) prefer the lifestyle and experiences that California offers. California coast cities are amazingly beautiful and offer diverse range of activities outdoors and venue wise, and no massive McMansion in 100 degree Texas heat where you have AC blasting and Have to drive eight lane highways everywhere will ever replace the fact you can just hop on your bicycle and ride five min to the beach. I’m just going off anecdote from friends here.