Shadow Wolf
Certified People sTabber & Business Owner
Turns out it's still not true that people are fleeing California in droves.
California exodus is just a myth, UC research findsFor 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.
The myth of "millionaire flight" from California, the project also found, is just that — a myth.
The survey also found that, by a two-to-one margin, Californians still believe in the "California Dream."