What to Know: Speaking of California, high taxes and repressive regulations – which combine to raise housing prices -- are sparking a “mass exodus” from the San Francisco area. They’re moving to places like Tennessee and Texas.
“Joint Venture Silicon Valley’s own study of the out-migration says workers are moving to Sacramento, Austin, and Portland due to a number of factors,” KPIX (CBS 5) in San Francisco reports. “But topping the list is the high cost of housing.”
The article goes on to explain, “Operators of a San Jose U-Haul business say one of their biggest problems is getting its rental moving vans back because so many are on a one-way ticket out of town.”
The TPPF Take: That exodus from California is directly due to bad public policies.
“Even as California residents flee areas like San Francisco and Silicon Valley, state lawmakers are proposing higher taxes and more onerous regulations,” says TPPF’s Chuck DeVore. “That steady out-bound flow will soon become a flood, and places like Texas will benefit.”
For more on tax hikes and out-migration, read this.