Wow. Turns out that the market boom has directly translated to a balanced California budget with a huge reserve ($34B?).
I guess tying the state budget to capital gains taxes continues to work as long as Silicon Valley delivers...
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One more (good) side effect of people moving out of state would be, their home sales will reset the property taxes to current market rates may help with Govt revenues too.
If only CA politicians spend it the right way, lol!
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Nobody moving out is in the group holding super undertaxed property. People moving out were renters or bought in the last 10 years. Property values at the high end might come down too with fewer wealthy people left in the state to buy them.