Perhaps more important, an aging population is a population that loses political clout. As the rich, old Californians die off---with no young families to replenish the population---we may actually see the electoral numbers reverse in the near future, with CA losing EVs to, say, NV, AZ, and so on.
California has the added element of a property tax system that is designed to protect long-term homeowners at the expense of new buyers, by limiting the rate of property tax increases for existing homeowners.
I'm one of those younger people considering this. For a downpayment on a 1 bedroom condo, I can pay for 1/2 the asking price of a 3 bedroom house in most other states.
Once my lease is up, I am outta here.