The California Dream is Still a Reality

by Erik Hayden, on Jul 13, 2021 2:38:45 PM

California

Mark Twain once famously said, "The reports of my death have been greatly exaggerated.”

“I feel you,” says California.

Over the past year, a number of news articles have discussed the perceived demise of California. Headlines like 'California Exodus': Why Are So Many People Leaving The Golden State? and People still leaving California for Texas despite COVID-19 surge give the impression that the Golden State is being shuttered.

But not so fast.

We’re still here. And we’re thriving.

The “mass exodus of California” was proved to be a myth. The notion that people are fleeing and moving to states with lower taxes is a false one. Yes, some California residents are leaving, but we’re also seeing people from other countries move here.

A newly released study by the University of California found:

  • The majority of Californians still believe in the “California Dream.”
  • Residents are moving out of state, but not at unusual rates.  
  • There is no evidence of “millionaire flight” from California.
  • California’s economy attracts as much venture capital as all other states combined.

Other studies also have undermined the gloom-and-doom scenario painted over the past year.

For instance, a study by the non-partisan California Policy Lab found that  “contrary to suggestions about a mass exodus from California, most moves in 2020 happened within the state.”

Furthermore, our economy is doing just fine, thank you. An article in the Mercury News discusses why California’s economy was uniquely suited to withstand Covid-19, and an article in the Silicon Valley Business Journal points to Silicon Valley office leasing hitting a three-year high.

And then there’s Google.

Google’s plan for a new mega-campus in downtown San Jose won City Council approval in May, opening the door for an 80-acre village, replete with blocks of new housing units, office buildings, retail and parks.

And Google’s not alone. Other huge tech companies, like Apple, continue to increase their presence in the Golden State.

None of this should come as a surprise. California remains the fifth largest economy in the world. It’s still the tech capital of the world. It’s still home to world-class universities. It’s still a beautiful place to live.   

So to those who’ve predicted the fall of California, keep in mind the words of author JK Rowling: “The best of us must sometimes eat our words.”

Contact us to learn more. 

 

 

 

 

 

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