“...Companies and people leaving the state could have something to do with it...”
It does. And so does the FACT that the California Democrat government is so anti-business (good commies) that people with any sense do not want to set up businesses in the state. And so many have moved out — saving HUGE amounts costs and confiscatory taxation as well as avoiding the excessive RAT legislation.
“And so many have moved out”
CA is home to more Fortune 1000 corporate HQ than any other state.