Earlier quoted context omitted.
Housing and taxes in CA are close to oppressive. The housing situation will not change unless CA voters agree to a change in property taxes and they won't. I would also bet that the move will come at the expense of Texas tax payers and to the benefit of Schwabb.
Part of the problem with housing prices in California is that property taxes are too low. Prop 13 means existing homeowners are shielded from higher property taxes, so growing property values are only good for them, no matter how high. Thus, there's no incentive to increase housing supply, which could lower prices.
Whoa! Didn't even know about Prop 13 - that basically means no house can currently have a higher taxable value than basically double what it was worth in 1978. Insane!