I feel like these trends are waves and we are currently in the down trend. I think we’ll see a bigger uptrend once the economy stabilizes again. We are in a multi prong proxy battle between energy sources and work/life shift. Once people figure out this change I’m sure things will get better as they did for other cities like nyc. Things were really awful back in the day and got better, then got worse, then got better again.
Also, companies might move their headquarters to Texas or whatever but people deep down (workers and probably also the company owners) prefer the lifestyle and experiences that California offers. California coast cities are amazingly beautiful and offer diverse range of activities outdoors and venue wise, and no massive McMansion in 100 degree Texas heat where you have AC blasting and Have to drive eight lane highways everywhere will ever replace the fact you can just hop on your bicycle and ride five min to the beach. I’m just going off anecdote from friends here.
> you can just hop on your bicycle and ride five min to the beach
I can assure you that the percentage of Californians that enjoy this lifestyle is vanishingly small. I've lived in all three coastal metros in California, was an avid user of the beach and hate driving; this lifestyle is not realistically achievable for most people that live there, even the average person in tech.
Most engineers aren't trading a house in Santa Monica for a house in Texas. They are trading a house in South San Jose. That lifestyle is much less different.
Also, companies might move their headquarters to Texas or whatever but people deep down (workers and probably also the company owners) prefer the lifestyle and experiences that California offers. California coast cities are amazingly beautiful and offer diverse range of activities outdoors and venue wise, and no massive McMansion in 100 degree Texas heat where you have AC blasting and Have to drive eight lane highways everywhere will ever replace the fact you can just hop on your bicycle and ride five min to the beach. I’m just going off anecdote from friends here.