A third of Californians are thinking of moving out of the state because of the high cost of housing, a recent survey says
California. Are they kicking y’all out?” asks a curious bureaucrat at the Department of Public Safety in Plano, a city near Dallas. In the previous week she had helped 20 people from California apply for a Texas driving licence. Those keeping score in the contest between the two states do not have to look far to notch up points for Texas.
As a symbol of how out-of-reach the once accessible state has become, last year the small house that was the setting for “The Brady Bunch”, a television show in the 1970s about a middle-class Californian family, sold for a whopping $3.5m, nearly double its asking price. Companies expanding elsewhere find that many employees are happy to give it a go in a state where they can afford to buy a house and raise a family.
California has not done enough to pursue an economic strategy of its own. “I think we rested on our laurels a bit. We put up our feet and talked about the old days,” admits Mr Newsom. Yet when governors from other states come to California to pitch a relocation, the state still does not intervene to retain companies, which sends the message that it is indifferent, says Barry Broome of the Greater Sacramento Economic Council.
Red tape takes a toll on small firms, too. “If you have the balance-sheet to fight through it, you can make money, but you have to be big and well-capitalised to do business in California,” says Mr Perot. “A little guy can’t survive. That’s the irony of the politics.” Property projects that use public funds or subsidies, including below-market-value land for affordable housing, must pay “prevailing” wages for workers, which can add 15-25% to the total cost, says Mr Kosmont.
Because personal-income tax is the main source of revenue, California’s fortunes ride on the stockmarket’s performance. The state has the fifth most volatile tax system of any American state, according to the Pew Charitable Trusts . Facebook’s initial public offering in 2012, for example, alone contributed $1.9bn in tax to California’s coffers. In 2016 the state collected $1bn from a single zip code in Palo Alto.
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