HNWI Migration to Nevada Accelerates

California wealth tax threat (Sergey Brin's $102M fight, Mark Cuban's threat) driving HNWI relocation. Hoover Institution estimates 30% of tax base already left, net negative NPV of $24B. Las Vegas luxury home prices up 60% since 2019, median $1.2M for top 10%. Summerlin and Lake Las Vegas seeing strong demand. Luxury travel bookings surge 50%. Nevada's structural tax advantage reinforced by cost of living data. New: Southern Nevada land constraints—only 18,000 acres left, SNPLMA dysfunction, water conservation success but binding barrier to development, coalition forming to push federal policy. This reinforces luxury home supply tightness and price support.