领域：垂类场景 · 房地产

Real estate CEO warns of growing ‘exodus’ as people have ‘given up’ on California — but where are they going?
With its beautiful weather, breathtaking coastlines and vibrant culture, California has always held a special allure. But according to Don Peebles — founder, chairman and CEO of real estate investment and development firm The Peebles Corporation — the Golden State’s appeal is rapidly fading as residents pack up and head for the exits.
“California, and especially Southern California, is the most difficult place to do business in the United States,” he stated bluntly in a Fox Business interview. “We were trying to build a $1.6 billion development in downtown LA, and stuck with it during the COVID crisis, and yet we could get no support from the government.”
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Peebles didn’t mince words, arguing that the state’s policies “were hurting businesses.”
He also pointed to the growing wave of people leaving California.
“People are fleeing, they have given up, and they're going to other places,” he said. “We're going to see more of an exodus out of California, because the quality of life has diminished as well.”
The California exodus by the numbers
Talk of a California exodus gained momentum during the pandemic, and although the pace has slowed, the outflow of residents hasn’t stopped.
Where did they go?
Texas topped the list. In 2023, 93,970 Californians relocated to the Lone Star State. In fact, Texas has consistently been the most popular destination for those leaving California:
107,546 Californians moved there in 2021
102,442 more followed in 2022
Arizona and Florida were also major draws, attracting 54,222 and 39,052 former Californians, respectively, during the most recent reporting period.
Read more: Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead
Rising costs of living — and how to hedge against them
There are many theories about why so many Californians are leaving. High taxes are often cited — for example, neither Texas nor Florida imposes a state income tax. But perhaps just as important is the sky-high cost of living.
Housing costs alone are enough to make headlines. According to data from real estate brokerage Redfin, the median home price in California currently stands at $859,700 — nearly twice the national median of $440,892.
A recent Bankrate study found that a household in California needs an annual income of $213,447 to afford a typical home in the state.
Yet real estate remains a popular investment choice for those looking to hedge against rising living costs. When inflation goes up, property values often climb as well, reflecting the higher costs of materials, labor and land.
At the same time, rental income tends to rise, providing landlords with a revenue stream that adjusts with inflation.
Over the past five years, the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index has surged more than 50%.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
CoreWeave’s Cooling Stock Rally Faces Even Bigger Hurdles Ahead
(Bloomberg) -- CoreWeave Inc.’s blistering rally has lost steam as the artificial intelligence infrastructure play faces a growing tangle of bearish catalysts that threaten to further unravel its meteoric rise.
Shares of the Nvidia Corp.-backed company have tumbled 17% in less than a month after a nearly five-fold increase following its March initial public offering as investors soured on its ballooning valuation. Now it faces a wall of pressure with a series of share lockups expiring starting next month, allowing early shareholders to cash out. Meanwhile, its deal to buy Core Scientific Inc. for $9 billion drew mixed reviews, spurring at least three analysts downgrades. CoreWeave shares slipped 1% in early trading on Thursday.
“We’re already giving CoreWeave a pass on so many things, not least of which is that it doesn’t make money and won’t for a while,” said Mark Malek, chief investment officer at Siebert Financial. “The lockup doesn’t change the story’s fundamentals, but it is another thing you’d have to give it a pass on if you’re buying now.”
CoreWeave has become one of the most contentious stocks on Wall Street as its market value soared from less than $20 billion after its IPO to nearly $100 billion at its peak in June. The firm rents cloud-computing services to hyperscale-cloud operators like Microsoft Corp., making it a favorite of traders betting on a continuing wave of AI spending.
But with the company not expected to turn a profit until the end of 2026, it has become a target of short sellers and value-minded investors who are betting it’s poised to fall back to earth. Even after its recent retreat, the stock trades at nearly 9 times sales estimated over the next 12 months, compared with roughly 5 times for the Nasdaq 100.
CoreWeave did not respond to a Bloomberg News request for comment.
Part of what has helped fuel CoreWeave’s rally is a relatively low number of shares available to trade, the result of the lockups and a small group of large shareholders, including Magnetar Financial and Coatue Management. Less than 13% of CoreWeave’s outstanding shares, about 47 million shares, are currently available to be traded. That will come to an end starting in August when an estimated 290 million shares will be freed up for trading.
While many believe that the wave of shares hitting the market will exacerbate the current selloff in CoreWeave, some on Wall Street think it’s well positioned to weather the volatility as its second-quarter earnings approach. CoreWeave is expected to report a net loss of $236 million in the second quarter on revenue of $1.08 billion.
“We think it will do significantly better than where CoreWeave is guiding,” said Mark Klein, chief executive officer at SuRo Capital. “You can’t just throw out traditional valuation metrics, but you have to appreciate how premium brands command premium valuations.”
Still, much of Wall Street remains unconvinced. Only three of 22 analysts covering the stock recommend buying it, according to data compiled by Bloomberg. It’s average price target is more than 30% below where it closed on Wednesday, the worst expected return in a Bloomberg index of large capitalization stocks.
Its all-stock deal to buy Core Scientific this week only served to further sour analysts on the stock. At least three analysts, including Needham, Mizuho and Stifel cut their ratings following the announcement. Both Needham and Mizuho cited valuation, while Stifel said it was positive on the deal longer term but called out overhangs from its pending dilution and lock-up expiry.
“We see great potential, but right now all I see are mounting losses,” Siebert’s Malek said. “I’d rather leave money on the table than flush it down the toilet. Right now all I can do is watch the rally with a smile and say wow.”

翻译考点：
考点 1：【exodus】 应译为 【人口外流 / 大规模迁出】
考点 2：【The Peebles Corporation】 应译为【 皮布尔斯公司】
考点 3：【Triple Net (NNN) leases】 应译为【 三重净租赁】
考点 4：【lockup expiry】 应译为 【锁定期到期】
考点 5：【sky-high cost of living 】应译为 【高得离谱的生活成本】
考点 6：【leave money on the table 】应译为 【错失潜在收益】
考点 7：【flush it down the toilet】 应译为 【打水漂 / 白白浪费】