"The Wealthy Exodus: Why LA's Elite are Flocking to Las Vegas"
Originally Published 2 years ago — by Business Insider
Wealthy Californians are leaving their LA mansions for homes in more affordable areas due to tax-related issues, including the so-called mansion tax. High-interest rates, Hollywood strikes, and rising insurance costs are also slowing down the luxury real estate market in Los Angeles. Many are moving to places like Las Vegas, Seattle, Florida, Texas, and Tennessee for lower taxes and more space. The mansion tax has led to low inventory of luxury homes in LA, with potential sellers worried about the hefty taxes they would have to pay. Some wealthy homeowners are choosing to rent out their properties instead of selling due to the sluggish market.