> We’d be ‘short’ high-tax markets and ‘long’ low-tax markets over the long-term.”

This seems really silly. My wife and I are considering leaving the city we love but tax rates have nothing to do with it. The reasons we want to live in the city (public transit, activities, social lives) have evaporated overnight. With no schools, no parks, and no office to commute into, there's an obvious appeal to buying a bigger house with a big yard. But for a family that's fortunate enough to be able to choose, the choice is about what kind of lifestyle we want, not the delta in tax rates.