California
Tech Jobs Keep Moving Out of California. Don’t Panic Yet.
It has been a weird four years for California’s technology sector. It boomed early in the Covid-19 pandemic as people in the US and around the world geared up for remote work and directed their spending to online services (games, streaming, spin classes, etc.) they could consume without leaving home. But that rise in remote work, combined with highest-in-the-nation real estate costs, strict pandemic rules and other factors, also led to something of an exodus from the state’s coastal cities, with high-profile departures of tech leaders in 2020 and 2021 and even occasional claims that the San Francisco Bay Area’s reign as global tech capital was ending.
A few high-profile departures are still taking place, with Elon Musk announcing this month that he will be moving the headquarters of two more of his companies — X, the former Twitter, and SpaceX — from California to Texas, where he moved Tesla Inc.’s headquarters in 2021. But there have also been stories of tech leaders returning and San Francisco beginning a resurgence, with the boom in generative artificial intelligence — the biggest story in tech now — very much concentrated around the San Francisco Bay. My fellow Bloomberg Opinion columnist Conor Sen thinks it might even be a good time to buy some slightly marked-down San Francisco real estate.
California
Activists demand Black English be pushed on kids in California preschools
Activists are pushing for Black English to be legitimized in preschool as a way to build children’s literacy skills in California.
The Black Californians United for Early Care & Education (BlackECE) is part of a movement to challenge “harmful language hierarchies and affirm Black English as a legitimate, rule-governed language rooted in Black history, culture, and community.”
The movement also seeks to “address how language bias shows up in early learning spaces–and how it can be dismantled.”
“I don’t want my son to walk into any room and feel like his voice is not valued or his perspective can’t be heard because he’s not saying it one way or the other,” the co-founder of BlackECE Ashley Williams told PBS.
She also remembered how speaking Black English is full of slangs and grammatical errors so it came with a lot of embarrassment.
BlackECE is a nonprofit organization centered around a 10-point policy plan that seeks to gain reparations and help Black children, families, and workers.
California released a plan promoting early dual language learning and calling on the state’s education system to support bilingual children in their development in 2020, but the advocacy group believes that Black vernacular should be included.
“We talk about multilinguals, but we don’t include Black children who may be African-American English speakers,” the Director of the Children’s Equity Project Xigrid Soto-Boykin said.
Williams also recalled her experiences in having to “talk white” and talking in her comfortable English and feeling insecure.
Around 20% of American children and 44% of five to seventeen year-olds in California are considered to be bilingual, according to the National Library of Medicine’s research in 2020.
However, only 89% of African-Americans solely speak English at home.
California
Jackie and Shadow fled during Big Bear fireworks but returned to nest and eaglets the next day
Fireworks can frighten animals and send them scattering, but Jackie and Shadow’s eaglets apparently are made of sterner stuff.
Chicks Luna and Sandy were seen safe and sound Sunday morning around 6 a.m. on the popular livestream nest cam aimed at their Big Bear pine tree, snacking on fish in the family aerie.
Mom and Dad did fly off when the nearby Fourth of July holiday show promoted by tourism organization Visit Big Bear began on Saturday night, Big Bear Valley media and website manager Jennifer Voisard told the Orange County Register on Sunday morning.
But both bald eagles flew back to their nest Sunday morning to care for their eaglets, who had remained around the nest during the show.
The fireworks show has faced controversy regarding the famous avians, spawning a Change.org petition to move the festivities farther away or switch to an environmentally friendlier drone show.
More than 45,000 people signed the petition. But the show went on for the sake of the local economy.
There was particular anxiety this year among environmental advocates as the eaglets were on the cusp of flying as the event was planned. The pair took their first flights just days beforehand. They had been spotted in nearby trees but didn’t immediately return to the nest.
The nonprofit that operates the webcam, Friends of Big Bear Valley, wrote a letter to officials warning that, “whether they are still in the nest or newly fledged, they will depend on Jackie and Shadow to care for them.”
“If, as in the past, Jackie and Shadow were to flee the habitat area for a few days, this could put the eaglets in danger at this important time of their lives.”
To the relief of their fans, the parents did return.
The fireworks event is an important economic driver in a year when Big Bear saw less snow than usual during its peak winter months, the travel organization said.
“The fireworks show is a long-standing community tradition and an important economic driver for Big Bear’s local businesses, workers, restaurants, lodging properties, recreation providers, and families. That context is especially important this year after another low-to-no snow winter, which directly impacted many of our neighbors, employees, and small businesses,” Visit Big Bear said in a statement.
It said the show happens about two miles away from Jackie and Shadow’s nest and lasted only about 30 minutes.
The eagles — and occasionally their chicks — could be seen on Friends of Big Bear Valley’s livestream heading into Sunday evening.
California
A Dividend Portfolio That Out-Earns the Average California Family
© PeopleImages / Shutterstock.com
California’s median household income landed at $100,600 in 2024, according to Census data compiled by the St. Louis Fed. That is the number a portfolio has to replace to hand a Golden State family the same paycheck without anyone clocking in. The wrinkle: California’s 2024 regional price parity was 110.7, meaning prices were about 10.7% above the national average. Replacing that income with dividends carries a built-in purchasing-power headwind.
The core equation: income target divided by yield equals the capital required before taxes. What changes across yield tiers is the risk, growth trajectory, tax treatment, and whether the check keeps up with California living costs over the next decade.
The Sleep-At-Night Tier: 3.5% to 4%
At a 3.5% blended yield, replacing $100,600 requires roughly $2,874,000 in invested capital. This is the dividend growth lane. PepsiCo (NASDAQ:PEP | PEP Price Prediction) yields about 4% and just raised its payout for the 54th consecutive year, with a $1.48 quarterly dividend up from $1.4225. Johnson & Johnson (NYSE:JNJ) yields a leaner 2% but just delivered its 64th consecutive annual raise to $1.34 quarterly.
The tradeoff is capital-heavy but growth-rich. PepsiCo’s annual dividend climbed from $4.02 in 2020 to $5.62 in 2025, roughly a 40% raise in five years. That is how this tier beats the California cost-of-living treadmill.
The Middle Path: 5% to 6.5%
At a 5% blend, the required capital drops to roughly $2,012,000. Push to 6.5% and the number falls to about $1,548,000. This tier is where net-lease REITs, gaming REITs, and pipeline partnerships live.
Realty Income (NYSE:O) yields about 5%, pays monthly, and just declared its 114th consecutive quarterly increase at an annualized $3.246 per share. Portfolio occupancy sits at 99%. VICI Properties (NYSE:VICI) yields almost 7% off a $1.783 payout backed by triple-net leases on Caesars Palace and MGM properties with 100% occupancy. Enterprise Products Partners (NYSE:EPD) yields near 6% on a $2.20 annualized distribution, though its K-1 tax form adds filing complexity in a high-tax state.
The tradeoff: growth slows. VICI’s quarterly dividend rose from $0.4325 to $0.45 over the past year, a mid-single-digit bump. Realty Income’s payout grew about 3% to 3.7% per its 2026 AFFO guide. That still edges past inflation, barely.
The High-Yield Tier: 8% and Above
At 8.3%, the required capital collapses to roughly $1,212,000. Main Street Capital (NYSE:MAIN) is the archetype. Its regular monthly payout of $0.26 annualizes to $3.12, and four $0.30 supplementals per year add another $1.20, for a total of roughly $4.32 per share. Against a $52 stock price, that is a total yield near 8.3%.
The catch: BDC supplementals are tied to net investment income and portfolio performance, not contractual. Non-accruals sat at about 1% of the portfolio at fair value at quarter-end, which is healthy, but the extras can shrink in a credit downturn. The 10-year Treasury yields about 4.5% for comparison, so an 8% equity yield is nearly double the risk-free rate for a reason.
Why the Cheapest Portfolio Is Often the Worst Deal
A 3.5% yield growing 8% per year doubles the income stream in nine years. A flat 8% yield stays exactly where it started. Nine years from now, that $100,600 California household budget needs to be closer to $130,000 just to hold ground against typical inflation. The high-yield portfolio funds today’s paycheck. The growth portfolio funds today’s paycheck and next decade’s.
California’s top marginal state rate reaches 13.3%, and MLP K-1s, REIT ordinary-income distributions, and BDC dividends are almost all taxed as ordinary income. Qualified dividends from PepsiCo or Johnson & Johnson get preferential federal treatment. That gap matters in Sacramento’s tax bracket.
Before Chasing Yield, Run These Three Numbers
- Calculate spending, not salary. California households often need to replace only 70% to 80% of their working income once payroll taxes, retirement contributions, commuting costs, and other job-related expenses disappear. Replacing $75,000 of actual spending requires far less capital than replacing a $100,600 paycheck.
- Compare total return, not just today’s yield. Run a simple ten-year spreadsheet comparing a 3.5% dividend-growth portfolio with an 8% high-yield portfolio, assuming dividends are reinvested. The higher-yield option often wins early, but the growth portfolio frequently catches and passes it over time.
- Model after-tax income. California’s 9.3% and 13.3% state tax brackets can change the ranking. Qualified dividends, REIT distributions, BDC dividends, and MLP distributions all receive different tax treatment, so the portfolio with the highest stated yield may not produce the most spendable income.
Replacing California’s median household income with dividends is possible, but the cheapest portfolio is not always the one that leaves you in the strongest position ten or twenty years from now. The right choice depends on whether your priority is maximizing today’s income, protecting tomorrow’s purchasing power, or striking a balance between the two. For most investors, the real goal is not simply matching a paycheck. It is creating one that never requires punching a clock again.
Contact [email protected] for any questions or corrections.
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