𝐀 𝐒𝐄𝐀𝐓𝐓𝐋𝐄 𝐁𝐑𝐎𝐊𝐄𝐑 𝐂𝐀𝐋𝐋𝐄𝐃 𝐈𝐓 ‘𝐒𝐋𝐎𝐖-𝐌𝐎𝐓𝐈𝐎𝐍 𝐖𝐄𝐀𝐋𝐓𝐇 𝐓𝐑𝐀𝐍𝐒𝐅𝐄𝐑’ — 𝐄𝐕𝐄𝐑𝐘 𝐍𝐄𝐖 𝐖𝐀 𝐓𝐀𝐗 𝐓𝐑𝐈𝐆𝐆𝐄𝐑𝐒 𝐀 𝐖𝐀𝐕𝐄 𝐎𝐅 𝐋𝐈𝐒𝐓𝐈𝐍𝐆𝐒

Reynolds has been tracking 𝟐𝟏𝟓 𝐝𝐨𝐰𝐧𝐭𝐨𝐰𝐧 𝐒𝐞𝐚𝐭𝐭𝐥𝐞 𝐜𝐨𝐧𝐝𝐨 𝐛𝐮𝐢𝐥𝐝𝐢𝐧𝐠𝐬 for twenty years on http://urbancondospaces.com. - M.A. Rothman@MichaelARothman
Here is the mechanism, in his own words. 

• Every time Olympia announces a new tax, 𝐢𝐧𝐯𝐞𝐧𝐭𝐨𝐫𝐲 𝐡𝐢𝐭𝐬 𝐭𝐡𝐞 𝐦𝐚𝐫𝐤𝐞𝐭 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐮𝐥𝐝 𝐡𝐚𝐯𝐞 𝐬𝐭𝐚𝐲𝐞𝐝 𝐨𝐟𝐟 𝐟𝐨𝐫 𝐚𝐧𝐨𝐭𝐡𝐞𝐫 𝐟𝐢𝐯𝐞 𝐨𝐫 𝐭𝐞𝐧 𝐲𝐞𝐚𝐫𝐬. 
• The high earners in Medina, Sammamish, the rest of the wealthy suburbs — they do the math...
• They list. 
• They cash out. 
• They leave...