With half of California's income taxes coming from people earning over $500,000 per annum, Joel Kotkin argues that the obsession with tech oligrachs is creating a wider wealth divide and deepening social inequity.
"What is needed now is a focus on the middle- and working-class Californians, the vast majority of whom live far from the Bay Area. California’s policy makers need to start by rolling back many of the regulations on energy and housing that are reducing opportunity by driving up costs and driving middle-class jobs out of the state. We also need to focus more on developing employment centers outside the ultra-expensive coastal areas, something that would allow people to live closer to where they work. This suggests a policy that focus on such things as good roads, decent schools and a variety of upwardly mobile jobs — things that may not matter much to oligarchs or the youthful staffs, but make all the difference to middle- and working-class families."