Over the weekend, a short story came out over Edelman Intelligence, a survey organization.
Basically.....they went out over California and asked the question.....would you like to leave the state?
It's a surprising number.....around 53 percent of folks said yes.....with the cost of living leading the reasons.
In the group of early 20s to late 30s.....it's closer to 63 percent who are thinking about leaving.
The Bay area? It's like three people out of four.....are thinking about leaving.
What if people were to leave? Well, that gets to an interesting point. I could understand a guy reaching fifty-five, and just saying 'enough', and making the plan to retire in five years and put the property up for sale. But what happens if you had 300,000 people in one single year from central California, who made this decision?
Who would buy their property (figuring their house was worth $1-million in 2018)? Would a large dump on property bring property values down? Would this million-dollar house from 2018 still be worth that value (I seriously doubt it)?
So that house might sit empty for a while, during a stage where 'Joe' and his wife moved to Arizona, and figure home prices will revert in two years.
If 'Joe' isn't around to spend money in the neighborhood....does the cash flow slow down? No sales tax collected? Lesser sales revenue?
Impact upon group-think? Yes. There are 39.5-million residents of the state, and the potential of this exodus is significant.
No comments:
Post a Comment