Outside of a limited amount of biotech, tech & sporting goods (aka golf) companies San Diego has little high paying industry. The majority of the high wage earners in this town are doctors, lawyers, a few of us RE developers, and some chosen people at the select companies above. Like our airport we are a destination locale, not a center of industry. Drive north to Irvine and you can see what a true industry center is like. The only way we will become competitive is for home values to come down significantly and our government to offer tax incentives similar to what Texas and Florida offer.
My buddy moved to Texas 6 months ago. He is working for the same company as he was here, makes the same salary (little more actually) and bought a brand new 2600 sq. ft. house for $180,000 just outside Dallas. He had the choice of raising his kids in an apartment here, or a house in Texas. Which would you choose? REALLY.
We can’t compete with that, sunshine or not. The majority of people want a safe, good place to raise their families where they aren’t chained to a mortgage.