I don't think that makes sense. The wealth tax, as written affects a pretty small percentage of "rich people". Most "rich people" will not pay a wealth tax.

So sure, let's say for the sake of your argument that everyone who would be subject to the wealth tax moves away. That won't move the needle when it comes to housing affordability in California.

So, ok, change the wealth tax so it applies to a lot more people. Ok, so maybe more people leave. Do you really think driving people with money out of your state will actually be good for you and the state? That's just not how economics works.