State budget analysts recently projected a record $68-billion deficit in the next fiscal year thanks to a 25% drop in personal income tax collection in 2023 as wealthy and educated leave California.
In a reversal from past decades, more college graduates and professionals are moving out of California than coming into it to escape the higher taxes and cost of living.
As reported in the NY Times recently, state officials said it is not welcome news but the state has ample reserves to cover it, and core programs will not be cut.
I hear more and more people complaining about the cost of taxes in California. They're paying European level taxes, while getting literally none of the benefits. They refuse to solve the housing crisis they're facing, so it's not surprising that the people who can move, do. It creates a brutal feedback loop, where the only people left are those who couldn't leave, which are the ones that cost the most money. At some point, the pendulum is gonna swing back, but they're already behind the curve.
In theory CA is ideal. Weather, beaches, Mountains, National Parks. In praciticality it has very high income taxes if you make a decent wage, very high sales tax, very high rent in the desirable locations, or house prices. Road around LA incredibly crowded. LAX is a mess. More and more people with low income, and as mentioned many with income leaving. I am getting ready to leave. But not to TX or Fl as they have their own issues.
The problem is Democrats run away from the consequences of their own votes and then they go to places like Oregon, Arizona, Georgia, Tennessee, Texas and others and get busy trying to destroy those states as well.
Like the dumb animals doing all of the stealing these trash mayors actually believe the criminals deserve what they steal because the world isn't fair otherwise.
Young people of all income levels are leaving Florida in a mass exodus.
We're quickly regionalizing ourselves along ethical/political lines.
California may be just too expensive to live.
These people go to Florida and find out that many of them will pay more in taxes and certainly more to live than in California.
In Texas they risk having heat when it's cold and AC when it's hot. The grass isn't always greener.
Mass exodus? FL has been in the top 3 fastest growing states for several years running (percentage basis). CA has been on a net population decline for the past couple of years.
The articles of people moving out of FL because housing and insurance have become expensive are anecdotal and don’t match the data.
Miami might be close to CA cost of living these days, but the rest of the state is still reasonable. As reasonable as anything else in 2023, I suppose. I’m glad I bought in Clearwater in 2016.
This post was edited 1 minute after it was posted.
State budget analysts recently projected a record $68-billion deficit in the next fiscal year thanks to a 25% drop in personal income tax collection in 2023 as wealthy and educated leave California.
Young people of all income levels are leaving Florida in a mass exodus.
We're quickly regionalizing ourselves along ethical/political lines.
California may be just too expensive to live.
These people go to Florida and find out that many of them will pay more in taxes and certainly more to live than in California.
In Texas they risk having heat when it's cold and AC when it's hot. The grass isn't always greener.
^^ Liberals do not live in reality.
Agree. runn needs to pull his head out if he thinks people will pay more to live in FL vs CA. Everything costs more in CA. Electic utility rate (avg) in CA = 29.9cents/kwh, Fl = 14.6cents/kwh, average gasoline cost in CA = 4.56/gal, FL = 3.11/gal. It just goes on and on and on.
The problem is Democrats run away from the consequences of their own votes and then they go to places like Oregon, Arizona, Georgia, Tennessee, Texas and others and get busy trying to destroy those states as well.
Young people of all income levels are leaving Florida in a mass exodus.
We're quickly regionalizing ourselves along ethical/political lines.
California may be just too expensive to live.
These people go to Florida and find out that many of them will pay more in taxes and certainly more to live than in California.
In Texas they risk having heat when it's cold and AC when it's hot. The grass isn't always greener.
In theory CA is ideal. Weather, beaches, Mountains, National Parks. In praciticality it has very high income taxes if you make a decent wage, very high sales tax, very high rent in the desirable locations, or house prices. Road around LA incredibly crowded. LAX is a mess. More and more people with low income, and as mentioned many with income leaving. I am getting ready to leave. But not to TX or Fl as they have their own issues.
Where are you planning to go once you leave California?
State budget analysts recently projected a record $68-billion deficit in the next fiscal year thanks to a 25% drop in personal income tax collection in 2023 as wealthy and educated leave California.
L.A. resident here. I am very fortunate- I have a decent job, own a condo, live near the beach, have a 10-15 minute commute to work, live in a relatively safe neighborhood with almost no homelessness. For people like me living here continues to have more pluses than minuses. However, I am very aware of all the issues that others face- lack of affordable housing, in general poor performing public schools, homelessness, an increase in crime, intolerably long commutes. It's understandable that people look to relocate, with the cost of housing probably the biggest driver. There are no easy fixes. In L.A. there's been a critical shortage of housing stock for a long time making rents much higher than they should be. The average rent for an apartment in L.A. is in the mid 2000s. But that's misleading. It factors in lower rents in poor neighborhoods, where the lower rents are really not all that low. Immigrant families double up in one and two bedroom apartments. But if you're looking to rent on the Westside of L.A., esp. closer to the ocean, rents are 3K and up, with the nicest units in the nicest areas, like Santa Monica, going for over 4K for a one bedroom apartment.
In theory CA is ideal. Weather, beaches, Mountains, National Parks. In praciticality it has very high income taxes if you make a decent wage, very high sales tax, very high rent in the desirable locations, or house prices. Road around LA incredibly crowded. LAX is a mess. More and more people with low income, and as mentioned many with income leaving. I am getting ready to leave. But not to TX or Fl as they have their own issues.
Where are you planning to go once you leave California?
where it rarely snows, gets incredibly hot, or gets destructive storms, and near a decent size city - that is as specific as I will get - but it does eliminate most of the U.S.