I don't blame people who want to leave California.
If my Midwestern house were located in the OC or the Bay Area it would probably be a $3,000,000 to $4,000,000 house, for what is a normal middle-middle upper-middle class house in the Midwest.
If it were in the OC and I sold it for $4,000,000 and moved to Montana, Wyoming, or the Midwest in 2015-2019, I could have bought a solid awesome local house for myself for $400,000 and then had enough left over to buy at least 10-15 "normal local starter homes" around the $200,000 price point, which I could have turned into rentals.
Incidentally a lot of Californians did that in Montana, and now local Montana folk who have just come of age, cannot get a basic home and cannot launch their life because Californians have bought up all of the houses.
Fed easy money policies enabled this to happen. Market distortions were created in the real estate market, California real estate is horrifically over-valued and it has resulted in their being able to sell inflated assets and use the money to buy up cheaper assets in the interior.
I expect that an epic real estate crash is coming, with the results being that most homes will lose 60-80% of their value in a short span of time. This crash may come between 2025 and 2030. It will hit some people hard, but that is just how life goes.
I'm not going to be homeless, hungry, or freaking out just because the value of my home goes down 60% or even 80%. Now, if you are holding a dozen homes that you bought as speculative investments, paying $300,000 per hour that you damn well know isn't worth more than $150,000 because you expect to flip them in the next 5 years for $500,000 to $600,000 each, and they go down by 60%, you're pretty much ruined. But when you buy things you believe are already overpriced as speculative investments to hold so you can flip them to somebody else who will pay you twice what you paid, then you have to accept the risks that come with the game.
Society wants to view houses as speculative investments for quick flipping to make a quick buck. That's okay, but society has to be okay with the consequences. When the speculators get wiped out they need to be left to be wiped out, no bail outs.