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For much of the last century California was an almost mythical land of opportunity, a magical place that drew migrants from all over the country. Blessed with perfect weather and relatively light governance, it was perhaps the greatest talent magnet the world has ever seen. Unfortunately, around the same time that California was becoming the country’s most populous state in the early 1960s—and engineers in the burgeoning semiconductor business south of San Francisco were creating what the world would know as Silicon Valley—California politicians commenced an upward march of income taxation that has continued almost uninterrupted for decades. Today the Golden State is arguably the national leader in punishing success. And governmental activism
is not limited to the tax code, as the regulatory environment makes it difficult to operate a business, to build and even to rebuild. The place Americans dreamed of living is now the place people flee in search of a prosperous life. Terry Castleman reports for the Los Angeles Times: New data from UC Berkeley strongly suggest that for people who moved out of the Golden State, taking part in the California exodus can bring dramatically improved financial conditions… People who left the state found that the move saved them almost $700 in monthly housing costs. They became 48% more likely to own a home in their new state compared with California, where housing prices are notoriously high. Although the research covered all types of people who left the state, the differences were most notable for those who were struggling with affordability in California.
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