At the RSF level, homes are only a minor part of the overall portfolio. Usually several homes in a variety of markets along with significant financial assets.
Homes make up a much smaller portion of the wealth for those with 5M+ assets.
Basically everything in RSF is over 1M with much in the 3-5M range. Ownership, taxation and residence are entirely different things. There may be a few who don’t have their affairs in order and pay full California taxes but by and large these are sophisticated people who get good advice. T Boone Pickens is an example, Bill Gates, Janet Jackson etc.
The water issue is real for some and the resale stats are soft, but if you’re looking at a property in Santa Luz which doubled in value over 10 years, then a 10-15% drop isn’t so dramatic as often it takes months to sell such a property.
I’d be surprised if even a dozen Qualcomm execs leave RSF.
That being said, an agent I worked with a few years ago did mention spots of weakness in RSF but it appeared to me it is usually for personal reasons that a person would want to leave with the occasional strategic default, but on balance that’s rare.
