UNZ: 16-09-2024,
Speculating the Demographic impact of the Recession on California: Part II (The demographic future of White Californians)
The state of California Real Estate with the incoming Recession
The next several years, with the recession, will be a turning point for California’s future. The first scenario is where California’s tech industry recovers and tech jobs expand with the advancement of AI. California remains the Nation’s tech and AI hub. The other scenario is where California’s tech industry is decimated, and California has to reinvent itself economically.
Under the 2nd scenario, California would have to cater a lot more to tourism and entertainment, to overcompensate for the exodus of high paying jobs. However, the hotel industry also has problems with debt, linked to commercial real estate. Not to mention that California will have a tough time competing with Las Vegas and Florida in entertainment.
Under this scenario, California would also market itself to remote workers, instead of in-person corporate jobs. However, right now major tech companies are rolling back remote work. California would also build a lot of condos for the wealthy to have second homes, like Florida. Not to mention, aggressively trying to lure back the entertainment industry with tax breaks.
Source: @JosephPolitano on X
Source: @ProducerCities on X
This recession will be a tech recession among other factors.