California's issues go far deeper than that. Despite being the "5th largest economy in the world", its economy is largely a paper tiger. Most of that income is from Silicon valley which is subject to huge fluctuations in income and value.
Cali has some of the highest taxes in the nation and its bureaucracy and infrastructure are the most expensive to maintain in the US. It's rapidly reaching the point where it can no longer afford its pension obligations to state employees. Cali will go bankrupt within the next 20-30 years or so as its middle class (people like me) continue to leave at the rate of about 500K per year and are replaced with the Democratic parties' pet Mexicans.
The white flight out of Cali is so bad that U-Haul and Penske can't keep moving trucks in the state, they have to pay people to drive trucks empty, back to Cali from states like Oregon, Nevada, Arizona and Texas. When I rented a truck to move my stuff up here, it cost $1,500. The reverse trip only cost $100 (that's for an 800 mile trip).
That's just one of the several reasons I left Cali, I knew I would never be able to afford a house there, even in northern Santa Barbara county, that's relatively cheap for the coast. Here in Oregon I'm already looking at paying cash for 2 acres of land about 10 miles out of town. I could never dream of doing that anywhere near some town in Cali that was decent to live in.