What is making local residents of areas where ‘Billionaire bunkers’ are located unhappy
Ultra-wealthy are fleeing California and are setting up bases in no income tax, no estate tax US states. One of them is Incline Village, a picturesque mountain town of about 9,300 residents nestled along the shores of Lake Tahoe. The area is undergoing a transformation driven by the world’s wealthie
By Toi Tech Desk
Ultra-wealthy are fleeing California and are setting up bases in no income tax, no estate tax US states.
One of them is Incline Village, a picturesque mountain town of about 9,300 residents nestled along the shores of Lake Tahoe.
The area is undergoing a transformation driven by the world’s wealthiest people because long known as an affordable community, the quiet enclave has officially earned the new nickname “Income Village”.According to a recent report by Bloomberg, local residents and real estate experts note that a massive influx of “whales” is disrupting the local housing market. “When I first moved here in 1975... it really was affordable.
Now the billionaires are pricing out the millionaires,” local historian David Antonucci told Bloomberg.Home prices in Incline Village are skyrocketingThe rapid shift in the town’s demographics has caused real estate prices to explode.
In the first quarter of 2026, single-family home sales in the area soared to roughly $232 million, marking an increase from the $30.6 million recorded in the first quarter of 2025.High-profile billionaire have been putting down roots in the area.
Oracle co-founder Larry Ellison reportedly owns a sprawling wooded estate in the town.
Venture capitalist and SpaceX investor Steve Jurvetson has been tied to a $125 million compound that shattered regional price records.
Google co-founder and former Alphabet president Sergey Brin is also linked to a local $42 million mansion.Tech billionaires fleeing California’s ‘Billionaire Tax’The mass migration to Nevada is largely fueled by tax planning.
Nevada is a no-income-tax state, making it a highly attractive destination as neighboring California prepares for a high-stakes vote on its proposed 2026 Billionaire Tax Act.
The controversial California measure, which will appear on the November ballot, proposes a one-time 5% wealth tax on the state’s roughly 200 billionaires, payable in installments over five years.California billionaires collectively own a $2 trillion net worth but paid $4.1 billion in income taxes in 2025.
While supporters argue the new tax forces the wealthy to pay their fair share.
Billionaires opposing the California tax were given until January 1, 2026, to officially change their residency to avoid the levy.
So far, six billionaires have publicly announced their departure from the Golden State, including Peter Thiel, Larry Page and Sergey Brin.Get the latest technology news and updates.
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