Epoch Times - California is Losing People, What is Happening? | Dr. Jim Doti
Aired: 2022-07-11
Duration: 02:00


=== California's Housing Exodus (02:00) ===

[00:00:00]  California had a net loss of 200,000 people last year.
[00:00:04]  It's not just the people, but the businesses and jobs are living as well.
[00:00:08]  The state is not accomplishing its goals to make a statement that we're solving the problems, we're the white knights addressing it, and we're putting a lot of attention to it.
[00:00:20]  Where are the results?
[00:00:22]  Most people, including the California government, believe it is the housing costs that are driving Californians out of the state.
[00:00:30]  Despite the state lowering its aggressive goals from 350,000 new housing units per year to 180,000, the construction is constant at only around 100,000 units.
[00:00:42]  Meanwhile, the number of people per household has dropped, meaning there is more housing available per capita.
[00:00:50]  Over the last five years, this is an incredible statistic, California over those five years experienced a loss, net loss, of 750,000 people.
[00:01:01]  750,000 more people moved out than moved in.
[00:01:06]  It's almost a loss of a million in population.
[00:01:09]  Are the housing prices the main cause for people living in California?
[00:01:13]  Or are there other hidden factors behind this exodus?
[00:01:16]  To understand what's happening, we talked to Dr.
[00:01:19]  Jim Doughty, President Emeritus and the leading economist at Chapman University.
[00:01:25]  He has been hosting annual economic forecasts, and his last year's forecast was the most accurate compared to 50 other nationwide predictions.
[00:01:33]  Today we discuss why he's predicting California's housing market will decline and the cause behind businesses and people leaving the Golden State.
[00:01:42]  So it's a Chapman, UCI, UC San Diego survey.
[00:01:46]  We interviewed 150 CEOs throughout the state, randomly, and 42% responded, they are considering moving out of the state.
[00:01:57]  42%!
[00:01:58]  I'm Siamai Korami.