The Times reports that new Census data shows California is losing its white, middle class Baby Boomers who can no longer afford to live in California. Leave it to a Brookings Institution policy wonk to blame it on the private sector and economy when he says, “people leaving…can’t afford to stay, given the housing prices and the cost of living.”
As if California’s confiscatory taxes, emissions fees, business regulations, sales tax, and building fees and prohibitions on development have nothing to do with creating such a dysfunctional economic climate.
During the same period, California gained 268M Hispanics. That half million swing has to cut into state tax revenue like a buzz saw through balsa. Meanwhile, California has the 4th highest tax burden of all 50 states. You have to wonder how much longer voters will allow the Democratic Legislature in Sacramento to flush the rest of California down the toilet in its effort to subsidize Socialism in One State.
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My son moved from the Bay Area to Austin, TX. The price of renting a U-Haul one way to there was about $1,600. The price of the same rental from Austin to the Bay area was about $400. Guess which way people with personal property are heading.
I used to live in Concord. But, the taxes and rental rates just forced me out. My wife and I are both engineers and were making about $160,000 per year but we could not afford a house. We live in Texas now. No income taxes and we bought a 3000 square foot house for $195,000. Our monthly payments (for everything, taxes, mortgage, insurance, etc) is $1432/month. We were paying $1900/month in Concord for a two bedroom apartment and about $800/month in income taxes. Makes leaving a no-brainer.