Another thing to consider is the powers with money (corporations or large property owners), now see another reason to ditch and leave California and their businesses here. It’s certainly a benefit if you’re looking to own property in CA or buy/lease back buildings.

If demand drops, people will just setup in Nevada or Arizona and that hurts CA taxes again. Businesses already feel CA is one of the worst places to run a business.

Of course, other states reassess property yearly and tax it, but just more reasons for someone to leave and take all the jobs with them.