William Fry

Well, it's certainly possible that they do.

Many studies have shown that very rich people, when they have to make a decision of where they want to live and there's a significant tax on their income, maybe even on their wealth to some degree, they're going to say, well, gee, I can do better somewhere else and save a lot of my money.

But when you're talking about those people, the very high people,

This is not a group that, you know, makes a big dent in the overall state or urban area population.

So, yeah, it's something to be considered, but let's not overdo it.

Well, if you look at this historically and go back to the 1950s, about one fifth of the population moved every year.

Oh, it's now down to I think this last year is maybe nine percent rather than 20 percent.

And, you know, what's changed over time?

Well, back in the 1950s, usually you had a single earner family.

So you only needed to change one job if you wanted to move.

There were many more people who lived in rented homes than in owned homes.

Renters are much more likely to move than owners.

And fast forward all the way now, people are more stable.

They own their homes more quickly.

There are, you know, multi-earner households.

And we're becoming an older population.

And it's really the younger people who move.

When people move, why are they moving?

Well, when they move across state lines or across metropolitan areas or labor markets, as we might say, they're moving for labor kinds of reasons to get a new job because they're transferred.

Maybe they think they're going to get a job in this other place.