California already has a net outflow of people, especially middle class. This is offset by immigration and undocumented migration from Mexico so that the state's population actually continues to grow. But most of the newcomers are not affluent, will almost certainly rent rather than own, and tend to live together in large family groups like 10 people in one apartment. This is going to keep putting pressure on the housing market -- people need a place to live, they can't afford to buy, so the powers that be, in their wisdom, decided to just legislate limits to the price, hoping no one would notice all the unintended consequences that will definitely happen.