Submission + - Californians Fleeing and 'Millionaire Flight'? Just a Myth, Massive Study Finds (sfgate.com) 2
Charlotte Web writes: Despite the popular belief that residents are fleeing California, there is not in fact a statewide exodus, new research out of the University of California finds... For one, while residents are moving out of state, they are not doing so at "unusual rates." Similarly, the research found no evidence of "millionaire flight" from California and notes that the state continues to attract as much venture capital as all other U.S. states combined, despite the recent exodus of Hewlett-Packard and Oracle.
The report did reveal net migration out of San Francisco during the pandemic. However, about two-thirds of people who left the city remained in the Bay Area, while 80% stayed in California, which is consistent with earlier trends...
A recent survey by UC San Diego, included in the project, found that the percentage of Californians who plan to leave the state has remained static for two years. In fact, only 23% of California voters said they were seriously considering leaving the state, which is lower than the 24% who said the same in a 2019 survey conducted by UC Berkeley...
The myth of "millionaire flight" from California, the project also found, is just that — a myth... an analysis of almost two decades of Franchise Tax Board data by Stanford University and Cornell University found that there has been no millionaire flight from California, despite recent tax increases levied on higher earners.
The report did reveal net migration out of San Francisco during the pandemic. However, about two-thirds of people who left the city remained in the Bay Area, while 80% stayed in California, which is consistent with earlier trends...
A recent survey by UC San Diego, included in the project, found that the percentage of Californians who plan to leave the state has remained static for two years. In fact, only 23% of California voters said they were seriously considering leaving the state, which is lower than the 24% who said the same in a 2019 survey conducted by UC Berkeley...
The myth of "millionaire flight" from California, the project also found, is just that — a myth... an analysis of almost two decades of Franchise Tax Board data by Stanford University and Cornell University found that there has been no millionaire flight from California, despite recent tax increases levied on higher earners.
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Thus mathematics may be defined as the subject in which we never know what we are talking about, nor whether what we are saying is true. -- Bertrand Russell
