REAL ESTATE NEWS
California coronavirus panic and unemployment caused by lockdown hysteria add to other sources of misery, causing the once golden state to lose its luster. Californians are leaving for greener pastures.
Why is it getting more expensive to move out of California? Because it’s worth it. The ultra-liberal California legislature just voted to raise taxes on the rich again. What they don’t tell us is that the taxes are often based on political theater. Studies show that most wealthy won’t pay more than about 17% of their income in taxes — total. Any increases in taxes on the wealthy must include corresponding tax cuts or loopholes, otherwise the wealthy pick up and move to another jurisdiction with lower taxes, and the area loses its tax base. California is currently losing its tax base at an alarming rate.
Tech companies that were once big spenders are downsizing, especially when it comes to commercial real estate. Pinterest announced at the end of August that it’s paying a termination fee in excess of $89 million to cancel a lease for 490,000 sq. ft of office space planned for the area near its current San Francisco headquarters
Signs of failure are popping up all over the place. Californians are moving to Arizona and other states in droves. Electric blackouts are the latest slap in the face to California consumers. This needless shortage of electricity comes on the heals of homeless tent encampment sprawl, massive litter and dumping, virus panic, riots, looting, violent crime and massive job loss.
Eventually, California’s big cities will get cleaned up, and back on track, but we don’t know how long that will take. First, we have virus hysteria and its resulting great depression that we must conquer.
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Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE 01889449 We are not associated with the homeowner’s association or developer. For more information, contact 213-880-9910 or visit LAcondoInfo.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.