In order for tech workers to cash out on home equity, Proposition 13 forces them to move to another state.
Theme: Real estate refugees
Subject Article: "Silicon Valley is Going to Retrench in 2016."
Other Links: 1. "Are High Housing Costs Forcing Talent to Flee Silicon Valley?"
2. "The Lock-in Effect of California's Proposition 13."
3. "Tesla says Nevada battery plant on track despite report of delay."
Postscript: Expensive Bay Area real estate does much more to deter talent from moving there than it does to push it out. In fact, the tech industry might have converged faster nationally if Proposition 13 didn't discourage relocation. Supply isn't distorted as much as demand is. As out of state tech markets become more attractive to talent, the Prop 13 effect will flip from an agent of retention to one of exodus.
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