‘Wait, why are we here again?:’ CA is in second place for outbound movements, #Waiting #ranks #2 #Outgoing #movements OLASMEDIA TV NEWSThis is what we have for you today:
California’s Democratic stronghold ranks second in the nation for outbound movements, according to a new Federal Reserve Bank of Chicago report.
California lost 352,000 residents between April 2020 and January 2022, according to Treasury Department statistics. The departure of hundreds of thousands of California residents comes after the state lost a congressional seat for the first time in history due to below-average population growth from 2010 to 2020.
The Democrat-led cities of San Francisco and Los Angeles rank first and second in the nation for outbound movements. California residents are fleeing the state en masse because of the extremely high cost of living, housing prices, crime rates and homelessness.
The data shows that Los Angeles residents left the city for areas such as Phoenix, Las Vegas, San Antonio and Dallas. About 41,000 Angelenos left the city in the second quarter of 2022, up from 33,000 who left the city in the same period in 2021.
Former Oakland resident Hari Raghavan has made his move from the California Bay Area to Miami, Florida, in a interview with the LA Times.
“We moved to the Bay Area because we had to be there if you want to work in tech and start-ups, and now that it’s no longer a chain, we took a long look and said, ‘Wait, why are we here again? ‘” Raghavan told the Time.
Raghavan cited the state’s crime, quality of life and cost of living as reasons for his departure to the Republican-led state of Florida.
“That forced us to wonder where we actually wanted to live,” Raghavan added.
Raghavan and his wife reportedly broke into their Oakland home four times, but were “floored” when they accidentally left their Miami garage open for the day and discovered nothing had been stolen when they returned home.
California residents like Raghavan are leaving the state for Texas, Virginia, Washington and Florida — places where their dollars have more of an impact on their budgets, according to the Federal Reserve Bank of Chicago report.
“While 11.2% of homes in Los Angeles were affordable on that budget, with a 3% interest rate, that amount grew to about 72% in Houston and about 50% in Phoenix,” the said. LA Times reported.
In addition, California’s highest state income tax rate is 13.3 percent, compared to Florida and Texas, where there is no income tax.
Matthew Kahn, an economics professor at the University of Southern California, said middle-class residents are being forced to leave the state because of California’s strict adherence to “environmental awareness.”
Kahn told the LA times:
People want to live here, but an unintended consequence of the state’s environmental awareness is that we don’t build enough homes in desirable boroughs. That praises middle class people to the suburbs [and creates] long travel times. We don’t have road pricing to help with traffic congestion, and these headaches are mounting. So if you create the opportunity to work from home, a lot of these people say… “enough” and move to a cheaper metropolis.
Kahn added that San Francisco’s elites “are always able to hide in their bubble, but if the middle class sees this quality of life decline, that’s a push factor to leave.”
Redfin chief economist Daryl Fairweather said California’s single-family compliance is also pushing residents out of the state.
“California has been prioritizing single-family homes for the longest time, allowing people to live in their homes longer because their property taxes don’t reflect true value,” said Fairweather, “California is the epicenter of where the housing shortage is so people have no choice but to go anywhere else.” to go.”
For example, while the national median home sales price hit an all-time high of $416,000, according to a National Association of Realtors reportCalifornia’s median home price is over $800,000.
Lee Ohanian, an economics professor at UCLA, told the paper that California is “at risk of becoming a state for very, very wealthy people and very, very low earners who receive state and local and federal aid that allows them to live here.”
Another Californian, Kenny Phung, left the state for Oregon after finding housing for less than half of the $3,600 he paid in Los Angeles.
“It just didn’t make sense,” Phung said. “Why would I want to live in California when I work from home and pay something outrageous for such a small space when I can try things out and save money on rent?”