If everyone with money is leaving when will the housing prices go down?
Yes, middle class Californians are leaving, but the irony is that California remains the growth engine for two of the planet’s most important industries: technology and entertainment. So important money, growth and advances continue to emanate from CA. There is some movement away (e.g., technology movement from San Jose area to Austin, TX). But for the most part, the engines and talent remain. But there is no denying the fact that “the rich get richer and the poor get poorer, and the middle class drifts away.” By the way, it is mainly the WHITE middle class that is drifting away. CA immigrant communities are creating their own middle classes and upper middle classes, with plenty of money to keep housing prices inflated, etc.
