High Taxes Driving landlords And Tenants Out Of California

People in California are voting with their feet. And moving trucks! The state’s high taxes are having a negative effect on the real estate market there and some people are just giving up and leaving. Who can blame them?

The Mercury News reports:

Enough is enough: Tenants join landlord in Bay Area exodus

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Tony Hicks moved to San Jose in 1981, but he’s had enough.

Hicks told his 11 tenants he would soon place the three homes he owns on the market. He expected disappointment. Instead, most wanted to move with him to Colorado.

“It didn’t take them long,” Hicks said. “I was surprised.”

Rising prices, high taxes and his suspicion that the next big earthquake is just a few tremors away convinced the retired engineer to put his South San Jose properties up for sale.

The groundswell to leave Silicon Valley — the place of fortunes, world-changing tech and $2,500 a-month-garage apartments — has been building. For at least the last nine months, the San Francisco metro area has led the nation in the number of residents moving out, according to a survey by online brokerage Redfin.

San Jose real estate agent Sandy Jamison has seen many long-time residents and natives leave the state recently. The lack of available housing, leading to some of the priciest real estate in the country, is driving many from the region, she said.

California could solve this problem so easily if they wanted to. What are they waiting for? Just end the high taxes.

 

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