This will help California keep its competitive advantage.
Edit: to the replies– It's not just housing. Granted, housing is a big chunk of the budget. But it's everything else too. My grocery bill would go up 33%. My state income tax would go from zero to 8%. Gas is, on average, 43% more expensive. And I'm not looking at moving to the Bay Area. I'm looking at moving to Fresno.
And yes, it's more expensive. But that's the price you pay for reaping the benefits of living in CA.
Edit: State of California Department of Finance also estimates this, but states that 2023 saw "Domestic out-migration slowed in 2022-23, to a net domestic migration loss of 260,400 people." [1]
What benefits? They said they are moving to Fresno, so not even decent weather.
In some important ways, CA is very expensive. In others, its ludicrously cheap.
If you can do your job remotely, then go for that.
If you can, but don't want to or you opted for hybrid, that's on you.
Otherwise, that shouldn't be a huge factor unless you drive a gas guzzler.
Is your job worth dieing for?
How many really "opt for hybrid" in these times where so many places are forcing RTO?
The anti-non-compete is a good thing but it’s not anywhere near a big factor for the vast majority of people.