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Market Note · State Comparison

Republican-led vs. Democratic-led states: a comparative real estate and economic analysis of ten US markets.

Ten states, one governing-trifecta split, and the tax, migration, insurance, and permitting data that actually shows up in real estate underwriting.

By Investo Capital ResearchReviewed for accuracy and complianceSep 4, 202650 min read
Aerial view of a US state capitol building and downtown government district at golden hour
State ComparisonTaxationMigration

In brief · 200 word summary: Republican-Led vs. Democratic-Led States

This note compares ten US states, five with Republican governing trifectas (Texas, Florida, Tennessee, Georgia, Ohio) and five with Democratic governing trifectas (New York, California, Illinois, Washington, New Jersey), across the factors that actually move real estate returns: population and job growth, tax structure, insurance and climate-risk cost, permitting and rent regulation, and current multifamily fundamentals.

The pattern is real but not uniform. The five Republican-led states generally rank higher on the Tax Foundation's 2026 State Tax Competitiveness Index, carry lower income and property tax burdens, and posted the largest numeric population gains in the country in 2025. But three of them, Texas, Florida, and Georgia, are also absorbing the country's largest new-supply waves, which has pushed apartment rent growth toward flat or negative in several of their metros, and Florida and Texas carry the country's highest and fastest-rising insurance costs. The five Democratic-led states carry the country's highest tax burdens and, in New York, New Jersey, and Illinois, the highest property taxes in the nation, alongside continued net outmigration. But tighter permitting and slower construction in several of these states, Chicago and New York in particular, have kept vacancy low and rent growth strong even amid weak population growth. Investors should read this as a set of trade-offs, not a verdict that one governing approach outperforms the other.

The essentials

  • Every Republican-led state in this set gained population in 2025; California is the only state among the ten to lose population, and New York's growth was effectively zero.
  • The five Republican-led states occupy five of the top eight spots on the Tax Foundation's 2026 State Tax Competitiveness Index; three of the five Democratic-led states occupy the bottom three.
  • Texas, Florida, and Georgia are absorbing the country's largest new-supply waves, pushing apartment rent growth toward flat or negative in several metros even as their populations grow.
  • Tighter permitting in Chicago and New York has kept vacancy low and rent growth strong even amid weak population growth in those states.
  • Florida and California show the clearest, most quantified insurance-cost crises in this comparison, driven by hurricane and wildfire risk respectively.
  • Eviction timelines for straightforward nonpayment run roughly three to six weeks in Georgia, Florida, and Texas, versus two to four months or longer in New York, New Jersey, and California.

Section 01Executive summary

Five states with a full Republican governing trifecta, Texas, Florida, Tennessee, Georgia, and Ohio, and five with a full Democratic trifecta, New York, California, Illinois, Washington, and New Jersey, show a real but uneven split on the factors that move real estate returns. The Republican-led five are cheaper to own property in and easier to do business in: they hold five of the top eight spots on the Tax Foundation's 2026 competitiveness ranking, carry lower income and, in most cases, lower property tax burdens, and every one of them gained population in 2025. The Democratic-led five carry the country's heaviest tax burdens, New York and New Jersey rank last and second to last on the same index, and four of the five continued to lose residents to domestic outmigration.

But taxes and migration are not the whole story, and they point in different directions from current market fundamentals. Texas, Florida, and Georgia are absorbing the largest new-supply waves in the country, which has pushed apartment rent growth toward flat or negative in several of their metros even as population keeps climbing, and Florida and Texas carry the highest, fastest-rising insurance costs in this comparison. Illinois and New York, despite ranking near the bottom on tax competitiveness, have benefited from tightly constrained new construction, especially in Chicago, that has kept vacancy low and rent growth strong. Eviction timelines are the cleanest operating-risk split in the data: three to six weeks in Georgia, Florida, and Texas versus two to four months or longer in New York, New Jersey, and California, a direct, quantifiable underwriting variable independent of everything else in this note.

The bottom line for an investor: governing control is a real, useful lens for reading tax exposure, regulatory risk, and landlord-tenant law, but it is not a standalone predictor of return. Supply pipeline, insurance exposure, and local permitting discipline currently matter more to near-term multifamily performance than which party holds the statehouse. Read the state-by-state detail below before weighting any single state in an allocation decision.

Section 02The ten states at a glance

StateControlPop. change '25Top income taxTax rank '26Property tax
TexasRepublican+1.2%None71.40%
FloridaRepublican+0.85%None50.78%
TennesseeRepublican+0.9%None80.50–0.52%
GeorgiaRepublican+0.88%5.19% flat180.79%
OhioRepublican+0.34%2.75% flat391.36%
New YorkDemocratic~flat10.90%†501.30%
CaliforniaDemocratic−0.02%13.30%480.70%
IllinoisDemocratic+0.13%4.95% flat381.88–2.07%
WashingtonDemocratic+0.9%None‡450.75–0.94%
New JerseyDemocratic+0.4%10.75%491.88% (highest in US)

Sources: U.S. Census Bureau, Vintage 2025 Population Estimates, released January 27, 2026; Tax Foundation, 2026 State Tax Competitiveness Index, published October 28–30, 2025; Tax Foundation, individual state tax rate pages, 2026 edition. California is the only state of the ten, and one of only five states nationally, to lose population in the 2024–2025 estimate period. † New York's 10.90% top rate excludes New York City's additional local income tax (up to 3.876%), which pushes the combined top marginal rate to roughly 14.8%. ‡ Washington has no tax on wages but levies a capital gains excise tax of 7% above roughly $262,000–$278,000 and 9.9% above $1 million in Washington-allocated gains. Net domestic migration by state, discussed in the state-by-state sections below: Texas +67,299, Florida +22,500 (est.), Tennessee +42,389, Georgia +64,486 (2024 vintage), Ohio +11,926, New York −137,000, California −230,000 (est.), Illinois −40,000 (est.), Washington modest positive (mostly international), New Jersey −35,554 (2024 vintage).

Section 03Why compare these ten states, and how to read this

These ten states were chosen because they represent the clearest, most data-rich contrast available: five states with a full Republican governing trifecta (governor plus both legislative chambers) that also anchor the "Sun Belt growth" narrative in US real estate, against five states with a full Democratic governing trifecta that anchor the "high-tax, high-cost coastal and Gateway" narrative. All ten numbers below are drawn from named public sources with a publication date. Where a figure could not be independently verified against a primary source, it is marked as an estimate or omitted.

This is not a political argument, and it should not be read as one. Party control is a real, observable variable that correlates with specific, measurable policy choices, tax rates, rent-regulation regimes, right-to-work status, permitting posture, that materially affect real estate underwriting. This note documents those correlations and their real estate consequences. It does not argue that one party's approach is economically superior in a normative sense, and readers should treat every comparison here as a description of a trade-off, not a recommendation. State-level outcomes vary meaningfully within each political bloc: Georgia's Republican-led economy posted a −0.3% year-over-year job count in July 2026 (US Bureau of Labor Statistics, "Georgia: Economy at a Glance," data through July 2026) even as Texas posted the largest job gain of any state, and Illinois's Democratic-led Chicago metro posted some of the strongest apartment rent growth in the country even as the state overall continued to lose residents. Party control shapes the policy environment; it does not fully determine the local real estate outcome.

Section 04The Republican-led five: Texas, Florida, Tennessee, Georgia, Ohio

All five states share three structural features: no or very low state income tax (Texas, Florida, and Tennessee levy none at all; Georgia and Ohio have moved to low, flat rates), right-to-work labor law status (except Ohio, which is not right-to-work), and statewide preemption of local rent control (Texas, Florida, Georgia, and Illinois's fellow preemption-state peer group; Ohio simply has no rent-control tradition). Three of the five, Texas, Florida, and Georgia, also rank among the states most exposed to hurricane, flood, or severe-storm risk, which is now a direct and rising cost line in underwriting.

Texas. Texas added 391,243 residents in the year ending July 1, 2025, the largest numeric gain of any state for a third consecutive year, though its overall 1.2% growth rate was the slowest pace since 2021 (US Census Bureau, Vintage 2025 Population Estimates, released January 27, 2026). Net domestic migration was +67,299, down sharply from the 2022 peak of +222,154, second among all states behind North Carolina (same source). Nonfarm payrolls grew 1.2% year-over-year through July 2026, the largest numeric job gain of any state, though the state unemployment rate rose to 4.5% from 4.2% a year earlier (US Bureau of Labor Statistics, "State Employment and Unemployment, July 2026," released August 21, 2026).

Texas has no individual income tax and no traditional corporate income tax; it instead levies a gross-receipts-style franchise ("margin") tax of 0.75% (0.375% for qualifying retail and wholesale businesses) with a $2.65 million no-tax-due threshold for 2026 (Texas Comptroller of Public Accounts, 2026 Franchise Tax Report Forms). The state ranks 7th on the Tax Foundation's 2026 State Tax Competitiveness Index (published October 28, 2025) and its effective property tax rate is 1.40% (Tax Foundation, 2026 Texas Tax Rates & Rankings), though local school, county, and city rates often push actual bills to 2.0%–2.5% of market value. A 2025 ballot measure raised the school-district homestead exemption from $100,000 to $140,000 for tax year 2026, cutting typical homeowner school-tax bills by an estimated $500–$1,800 per year.

Texas also carries meaningful and rising insurance costs: Insurify projects the statewide average homeowners premium could reach roughly $4,529 by the end of 2026, among the five highest in the country, with the Houston metro averaging $5,653 in 2025 (Insurify, "Texas Hurricane Insurance: Complete Guide for 2026"). The Texas Windstorm Insurance Association, the state's coastal wind and hail insurer of last resort, covered $126.5 billion in insured value across 284,846 policies as of December 31, 2025, and cut its reserves from $6.2 billion to about $3.8 billion for 2026 under a revised statutory funding structure (Texas Windstorm Insurance Association, Fact Book and Q1 2025/October 2026 board materials).

On the ground, Texas is absorbing the largest apartment construction pipeline in the country. Multifamily and Class A/B cap rates ran roughly 5.2%–5.6% through 2026 (CBRE, "US Real Estate Market Outlook 2026" and "Q1 2026 US Multifamily Figures"), and national asking rent growth was weak, roughly 0.2%–1% year-over-year, with April 2026 occupancy at 94.1%, the lowest since 2013 (Yardi Matrix, May 2026 national multifamily report). Texas led the nation in multifamily permits issued for full-year 2025, but multifamily permitting fell 23.3% year-over-year for the first five months of 2026, a signal that the supply wave is cresting (US Census Bureau, Building Permits Survey, 2025–2026 data). CBRE's 2026 Dallas-Fort Worth and Houston market outlooks project improved supply-demand balance and Class A+ rent growth above 2% for 2026, with Houston industrial net absorption around 10 million square feet year-to-date through mid-2026 on manufacturing and logistics demand.

Texas is right-to-work by statute, and Texas Government Code Chapter 2143 preempts any municipality from establishing local rent control. Corporate relocations into the state continued through 2026: ExxonMobil's board recommended shareholder approval to reincorporate from New Jersey to Texas (announced March 10, 2026), Public Storage announced relocation of its corporate headquarters to Frisco (February 2026), and Expand Energy announced relocation of its headquarters from Oklahoma City to Houston (February 9, 2026).

Florida. Florida added 196,680 residents in 2025 (+0.85%), the second-largest numeric gain of any state, but net domestic migration has collapsed from roughly 310,000 in 2022 to an estimated 22,500 in 2025, a decline of about 93% in three years that has pushed Florida to roughly 8th nationally for domestic in-migration, behind states including South Carolina, Idaho, and North Carolina (US Census Bureau state-to-state migration data, as compiled by ResiClub Analytics, April 2026, and the University of Florida Shimberg Center, July 2026). Job growth has slowed sharply alongside migration: nonfarm employment grew just 0.4% year-over-year through July 2026, versus a much faster pace earlier in the decade (US Bureau of Labor Statistics, Florida state employment data, July 2026).

Florida has no individual income tax and a flat 5.5% corporate income tax, ranking 5th on the Tax Foundation's 2026 State Tax Competitiveness Index. Its effective property tax rate is 0.78% (Tax Foundation) to 0.76% (WalletHub, "2025 Property Taxes by State"). The state's defining real estate cost story is insurance: Citizens Property Insurance Corporation, the state's insurer of last resort, saw its policy count fall from about 1.4 million in 2023 to roughly 851,000 by March 2025, trending toward an estimated 385,000 by the end of 2025, a 73% decline from its October 2023 peak, with the state citing 2022–2023 tort reforms (Citizens Property Insurance Corporation board materials, December 2025; Office of Governor Ron DeSantis, 2026). Citizens' statewide average rates were set to fall 8.7% starting spring 2026, and homeowner insurance litigation fell from more than 8,000 lawsuits at the 2021 peak to roughly 2,500 by the end of 2025 (Business Insurance/Gen Re, September 2025). That said, Insurify separately reported Florida home insurance premiums still rose about 18% in 2025 with a further increase projected, disputing that reform has yet meaningfully lowered costs for most homeowners (Insurify, as reported in the Royal Gazette, September 1, 2026). Multifamily insurance costs specifically have followed the national pattern of average per-unit apartment insurance expense rising from $39 in 2019 to $68 in 2024, with Florida and Sun Belt multifamily insurance costs described by CBRE as having "more than doubled" over two years, growing roughly twice as fast as net operating income (CBRE Insights, 2025; Matthews Real Estate Investment Services, "Multifamily Insurance Costs in 2025").

Florida's multifamily market is also absorbing heavy new supply. Cap rates ran about 5.5% in Q2 2025, above the 5.2% national average, after a roughly 9% rise in 2025 (Largo Capital, "Florida CRE Market Update: Q2 2025"; CBRE Q3 2025 US Multifamily Figures). As of May 2025, Miami vacancy stood at 7.8% with median rent down 6.2% year-over-year, Tampa at 6.5% vacancy with rent down 5.0%, and Orlando at 6.2% vacancy with rent down 4.3%, reflecting new supply outpacing demand across the state's major metros. Florida is a constitutional right-to-work state and has preempted local rent control since 1977 (Florida Statutes §§166.043, 125.0103); recent state legislation additionally nullified an estimated 46 local tenant-protection ordinances across 35 cities and counties (National Low Income Housing Coalition, 2025/2026). CBRE reports headquarters relocation announcements to Florida jumped 71% in 2025 (96 to 164 companies), the most of any state over 2020–2025 (CBRE, "The Shifting Landscape of Headquarters Relocations: 2026 Update").

Tennessee. Tennessee added an estimated 63,785–68,785 residents in 2025 (roughly +0.9%; the exact figure varies slightly across releases from the same underlying Census data), the 8th-largest numeric gain in the country, with net domestic migration of +42,389, the 4th-highest of any state though down from its 2022 record (US Census Bureau Vintage 2025 estimates, as reported by the University of Tennessee's Tennessee State Data Center, February 2, 2026). Nonfarm payrolls grew 0.6% year-over-year through July 2026 (US Bureau of Labor Statistics, "Tennessee Economy at a Glance").

Tennessee has no state income tax (the Hall Tax on investment income was fully repealed in 2021), a 6.5% corporate excise tax with a $50,000 standard deduction, and a 0.25% franchise tax on net worth. It ranks 8th on the Tax Foundation's 2026 Index, up from 38th in 2020, with an effective property tax rate of 0.50%–0.52%, among the lowest in the country (Tax Foundation; WalletHub, "Property Taxes by State in 2026"). Nashville's apartment market has cooled from a construction boom: vacancy reached roughly 8.0%–8.5% in 2025, a cyclical high, after deliveries peaked at 14,723 units in 2024 and eased to an estimated 8,900–11,195 units in 2025, a roughly 24% year-over-year decline (Yardi Matrix, Nashville Multifamily Market Reports, June 2025 and February 2026). CBRE forecasts Nashville rent growth reaccelerating to 2%–4% in 2026–2027 as the supply wave fades. Tennessee constitutionalized its right-to-work status via a 2022 ballot amendment and has no statewide or local rent control. Oracle's relocation of its global headquarters to Nashville's East Bank, a $1.2–1.35 billion investment projected to create about 8,500 jobs by 2031, continued its build-out through 2026 (Oracle Newsroom, March 26, 2026).

Georgia. Georgia added 98,540 residents in 2025 (+0.88%), the 4th-largest numeric gain nationally (US Census Bureau, Vintage 2025 estimates); the most recent confirmed net domestic migration figure, from the 2024 vintage, was +64,486. Notably, and in contrast to the broader Sun Belt growth narrative, Georgia's nonfarm payrolls contracted 0.3% year-over-year through July 2026 (US Bureau of Labor Statistics, "Georgia: Economy at a Glance").

Georgia moved to a flat 5.19% individual and corporate income tax rate in 2026, phasing down to 4.99% by 2028, one of four states (with Nebraska, North Carolina, and Pennsylvania) cutting corporate rates effective January 1, 2026 (Tax Foundation, State Individual and Corporate Income Tax Rates and Brackets, 2026). It ranks 18th on the Tax Foundation's 2026 Competitiveness Index, held back mainly by a comparatively weak property tax component (35th) despite a low 0.79% effective rate. Georgia has no statewide rent control (preempted under O.C.G.A. §44-7-19) and is a right-to-work state. Atlanta's multifamily market has turned a corner after absorbing heavy prior-cycle supply: Class A infill cap rates ran 4.5%–5.0% in CBRE's H2 2025 survey, and CBRE's 2026 North America Investor Intentions Survey ranked Atlanta the #2 target market nationally for commercial real estate investment, with multifamily the most-targeted asset class at 74% of respondents. Georgia has landed some of the largest single manufacturing investments of the decade: Hyundai's $7.6 billion Metaplant near Savannah reached full production in October 2024 and employed more than 3,200 workers as of October 2025, targeting 8,100 by 2031, paired with a $4.3 billion battery joint venture with LG Energy Solution (Atlanta Journal-Constitution, October 4, 2024; New York Times, October 20, 2025). Yamaha Motor announced in March 2026 it would relocate its US headquarters from California to Kennesaw, Georgia, after roughly 50 years in California (Governor Brian Kemp's Office, March 10, 2026).

Ohio. Ohio's population grew just 39,889 (+0.34%) in 2025, and net domestic migration turned positive at +11,926, a marked reversal from −32,482 in 2021 (US Census Bureau, Vintage 2025 estimates, January 27, 2026). Job growth was essentially flat, +5,300 positions from June 2025 to June 2026 (Ohio Bureau of Labor Market Information).

Ohio moved from a graduated income tax (top rate 3.125% in 2025) to a flat 2.75% rate effective January 1, 2026. It has no traditional corporate income tax, instead levying a 0.26% Commercial Activity Tax on gross receipts, with the small-business exclusion threshold raised to $6 million in 2025 (Tax Foundation, 2026 Ohio Tax Rates & Rankings). Ohio ranks 39th overall on the Tax Foundation's 2026 Index, a mid-pack score that reflects a genuine internal split: its property tax component ranks a strong 5th nationally, while its corporate tax component ranks a weak 45th, driven by the gross-receipts structure that Tax Foundation methodology treats as more economically distortive than a conventional corporate income tax. Consumer-facing effective-rate studies, measuring what homeowners actually pay rather than the structural competitiveness of the tax code, place Ohio's effective property tax burden at 1.31%–1.36%, among the ten highest in the country following a post-pandemic reassessment cycle, a genuinely different (and both correctly sourced) answer from the Tax Foundation's structural ranking. Ohio is not a right-to-work state and has no statewide rent control.

Columbus's apartment market shows the clearest oversupply signal among the five Republican-led states: vacancy hit 9.7%, a 20-year high, after 7,300 units delivered in the first nine months of 2025, and cap rates expanded to 6.7% from 6.27% a year earlier (Realist Capital, "Columbus OH Multifamily Market Analysis Q4 2025," January 14, 2026). Rent growth nonetheless remained comparatively strong at 3.9% year-over-year in H1 2025, the second-highest among Yardi Matrix's top 30 tracked metros. Cincinnati and Cleveland showed more moderate conditions, with vacancy around 4.8% and 9.4% respectively. Ohio has landed two of the decade's largest manufacturing commitments, though both have faced recent friction: Intel's $28 billion "Silicon Heartland" chip campus in New Albany has pushed its first-fab completion to 2030 (Ideastream Public Media/WOSU, August 26, 2026), and Honda is buying out LG Energy Solution's stake in their joint-venture battery plant for roughly $2.9 billion as Honda trims its broader EV investment by $20.7 billion through 2030 (industry press, early 2026).

Section 05The Democratic-led five: New York, California, Illinois, Washington, New Jersey

All five states carry meaningfully higher income and, in three cases, property tax burdens than the Republican-led five, and none is right-to-work. All five also show some form of continued net domestic outmigration, though the magnitude and the offsetting effect of international migration vary widely. Regulatory posture varies more than the tax story: New York, California, and New Jersey layer active statewide or local rent regulation on top of already-high costs, while Illinois, like several Republican-led states, statutorily preempts local rent control even though it otherwise carries a high tax burden.

New York. New York's population was essentially flat in 2025, up just 1,008 people, the 6th-slowest growth rate of any state, and down about 120,000 (−0.6%) since April 2020 (US Census Bureau, Vintage 2025 estimates, as reported by the Empire Center for Public Policy, January 28, 2026). Domestic outmigration was −137,000 for the same period, partly offset by natural increase and a sharply reduced flow of international arrivals (96,000 in 2024–25, down from 207,000 the prior year), producing an overall net migration loss of about 42,000 (same source). The New York State Comptroller's own taxpayer-migration data for tax year 2024 shows 134,913 residents leaving the state against 121,251 arriving, a net loss of 13,662 filers, concentrated among higher earners: about 8,200 net departures among married filers earning $100,000–$500,000, and roughly 1% of $500,000-plus filers left the state that year (NYS Office of the State Comptroller, "Taxpayer Migration in New York State"). Nonfarm job growth was 0.2% year-over-year through July 2026 (US Bureau of Labor Statistics).

New York's top state individual income tax rate is 10.9%, and New York City adds a local income tax with a top rate of 3.876%, producing a combined top marginal rate near 14.8%, among the highest in the country (Tax Foundation, 2026 New York Tax Rates & Rankings). The state ranks last, 50th of 50, on the Tax Foundation's 2026 State Tax Competitiveness Index, with a weak 50th-place individual income tax component and a 47th-place property tax component despite a moderate 1.30% effective rate; the state's assessment and exemption structure, rather than the headline rate, drives that low property-tax competitiveness score. New York is not right-to-work.

New York City's roughly one million rent-stabilized apartments, regulated by the NYC Rent Guidelines Board under the 2019 Housing Stability and Tenant Protection Act, remain the largest regulated housing stock tied to any single US market. In June 2026 the Rent Guidelines Board voted 5–4 to freeze rents for two years on those units, a decision a coalition of landlords represented by Dechert LLP and Rosenberg & Estis has challenged in an Article 78 lawsuit, arguing the board relied on manipulated data. Roughly 57,000 rent-stabilized units, 5.6% of the regulated stock, sat vacant in 2025 according to landlord filings obtained by the nonprofit outlet THE CITY, with landlords citing an inability to finance repairs given rising expenses under capped rents. Against that backdrop, Manhattan's free-market segment posted a record average asking rent near $6,655 per month, up roughly 10% year-over-year, per Corcoran Sunshine Marketing Group data reported in New York real estate press in 2026; brokers attributed part of the surge to expectations around the incoming rent freeze and a new pied-à-terre tax on non-primary residences. CBRE's H1 2026 Cap Rate Survey pushed back its expectation for national cap-rate compression from 2026 to 2027, citing persistently elevated interest rates, while noting continued strong multifamily and retail demand. New York City itself avoided a credit-rating downgrade from both Fitch and Moody's on July 31, 2026, though both agencies flagged the need to narrow projected budget deficits (Bloomberg, July 31, 2026).

California. California's population fell by 9,465 (−0.02%) in 2025, according to the US Census Bureau's Vintage 2025 estimates, making it the only one of these ten states, and one of only five states nationally (with Hawaii, New Mexico, Vermont, and West Virginia), to lose population that year, this despite the state's own Department of Finance recording a third consecutive year of growth using a different, DOF-specific methodology (+19,200, or +0.05%). Net domestic outmigration ran an estimated 216,000–230,000 for the period, only partly offset by net international migration of 109,000–126,000 (US Census Bureau; California Department of Finance, 2025/2026 releases). Job growth, by contrast, was a genuine bright spot: nonfarm payrolls grew 144,700 (+0.8%) from March 2025 to March 2026, making California one of only three states, with Texas and Nevada, to post payroll gains in that period (US Bureau of Labor Statistics, "Nonfarm payroll employment up in 3 states from March 2025 to March 2026," 2026).

California's 13.3% top marginal individual income tax rate is the highest in the country, and combined with the 1.1% payroll-based SDI/Behavioral Health tax reaches an effective 14.4%–14.6% on wage income; its 8.84% corporate rate (10.84% for banks) is also among the higher state rates (Tax Foundation, 2026 California Tax Rates & Rankings). California ranks 48th on the 2026 Competitiveness Index. Its effective property tax rate, at 0.70%, is kept comparatively low by Proposition 13, which caps the assessed-value growth rate rather than the nominal rate itself.

California's defining real estate cost story, like Florida's, is insurance. FAIR Plan enrollment, the state's insurer of last resort, rose roughly 43% between September 2024 and December 2025 following the January 2025 Los Angeles wildfires, reaching 555,868 policies by March 2025 with total exposure around $700–750 billion (United Policyholders/Insurance Business Magazine, 2025–2026). State Farm General non-renewed about 30,000 homeowner and rental policies in 2024, and a March 9, 2026 three-party settlement between the California Department of Insurance, Consumer Watchdog, and State Farm set a 17.0% homeowners rate increase alongside an extended one-year moratorium on non-renewals and cancellations (California Department of Insurance, March 2026). Allstate has not written new California homeowner policies since late 2022. On the regulatory side, California enacted its most significant CEQA reform in decades: Governor Newsom signed AB 130 and SB 131 on June 30, 2025, adding streamlining and exemptions for infill housing aimed directly at the permitting delays long cited as a driver of the state's high development costs (K&L Gates, July 29, 2025). Even so, California issued only 49,400 total housing permits in H1 2025, the lowest since 2014 outside pandemic lockdowns, with single-family permits down 7% year-over-year and multifamily permits up a modest 5% to 19,900 units (state permit data reporting, September 2025).

California layers a statewide rent cap, AB 1482, limiting annual increases to the lesser of 5% plus local CPI or 10% (effective through 2030), under local ordinances in cities including San Francisco, Los Angeles, Oakland, and Berkeley that can be more restrictive still. California is not right-to-work. Multifamily cap rates in Los Angeles and San Francisco remained among the most compressed in the country, typically 4.0%–5.0%, against a roughly unchanged national average of 5.7% in 2025 (CBRE). San Francisco rents rose 10.6% year-over-year in 2025, the fastest of any major US rental market, while San Diego's rent growth stalled and turned negative by early 2026 amid roughly 6,200 new units delivered in 2025. A documented, if not unique, pattern of corporate headquarters relocations out of state continued: Chevron completed its move from San Ramon to Houston in 2025, Public Storage announced a move from Glendale to Frisco, Texas in February 2026, and Yamaha Motor announced its relocation to Georgia the same month.

Illinois. Illinois grew by 16,108 residents in 2025 (+0.13%), a third consecutive year of growth but still below its 2020 population level, while net domestic migration ran an estimated loss of more than 40,000, the third-worst of any state behind California and New York for a second straight year (US Census Bureau, Vintage 2025 estimates, December 2025). Statewide job growth was essentially flat at +0.1% year-over-year as of August 2025, though the Chicago metro division outperformed at +0.5% (Illinois Department of Employment Security, September 2025).

Illinois has a constitutionally mandated flat 4.95% individual income tax and a 9.5% combined corporate rate (7% corporate income tax plus a 2.5% Personal Property Replacement Tax), the third-highest state corporate rate in the country behind New Jersey and Minnesota (Tax Foundation, 2026 Illinois Tax Rates & Rankings). It ranks 38th on the 2026 Competitiveness Index. Its effective property tax rate of 1.88%–2.07% is the second-highest in the country behind New Jersey; a typical Illinois family pays about $6,285 a year on a $303,400 median home against a $2,969 national average (WalletHub, 2025 survey, as reported by the Illinois Policy Institute).

Illinois is the clearest counterpoint in this comparison to the assumption that higher taxes automatically translate into weaker real estate fundamentals. Chicago's multifamily market posted rent growth of 3.6%–4.6% year-over-year in 2025, among the strongest of any major US metro, while vacancy held near 4.7%–4.9%, among the lowest of major metros, and the construction pipeline fell to a decade-low of roughly 8,600–11,000 units under construction, or about 1.5%–1.9% of inventory (Yardi Matrix; CoStar; CBRE, "Chicago 2026 US Real Estate Market Outlook"). CBRE's 2026 outlook attributes this directly to Chicago's persistently low construction pipeline, itself linked by CRE trade press to lengthy permitting processes and regulatory uncertainty (MMG Real Estate Advisors, Chicago Q4 2025 Pipeline Report). Chicago cap rates for core multifamily assets ran 5.25%–5.5%, above the roughly 4.73% national average, reflecting both the higher-yield environment and continued investor caution.

Illinois statutorily preempts local rent control statewide under the 1997 Rent Control Preemption Act, meaning Chicago cannot enact its own rent stabilization ordinance even though the state otherwise carries a high tax burden; a repeal bill was introduced but had not passed as of mid-2026. Illinois is not right-to-work, and voters constitutionally enshrined collective bargaining rights via the 2022 Workers' Rights Amendment. The state has lost several marquee corporate headquarters over the past several years, Boeing, Caterpillar, and Citadel among them in 2022, with more recent departures including PEAK6 Investments to Austin (effective January 2025) and SC Johnson shifting roughly 170 Chicago-office jobs to Racine, Wisconsin. At the same time, the state's Department of Commerce reports Illinois ranked #2 nationally for corporate expansion for a fourth consecutive year, and Chicago ranked the #1 metro for corporate relocation and site selection for a 13th straight year on Site Selection magazine's methodology, with 680 statewide expansion or relocation projects in 2025, up from 664 in 2024 (Governor Pritzker's office, 2026). Moody's Analytics' most recent state forecast, prepared for the Illinois Commission on Government Forecasting and Accountability, projects the state's economy will underperform both the Midwest and the nation over the coming year, citing weak population trends and a comparatively high tax burden, with unemployment forecast to reach 5.2%.

Washington. Washington added an estimated 73,062 residents in 2025 (+0.9%), the 7th-highest state growth rate, though total net migration of 61,750 was the weakest figure since 2013 outside 2021, and driven overwhelmingly by international arrivals (about 46,200 of the total) rather than interstate migration, which was only modestly positive (US Census Bureau, Vintage 2025 estimates, January 27, 2026; Washington Office of Financial Management). Job growth data conflicts across sources published at different points in the year: the state's own Employment Security Department reported total nonfarm employment down 0.2% year-over-year as of December 2025 (a loss of about 6,600 jobs), while a separate compilation using an earlier reference month showed a gain of 19,800 jobs over a trailing 12-month period; the discrepancy likely reflects different benchmark months and revisions, and the state ESD figure should be treated as the more current, authoritative reading.

Washington has no tax on wages, but its capital gains excise tax, expanded by SB 5813 (signed May 20, 2025, retroactive to January 1, 2025), now applies a 7% rate above roughly a $262,000–$278,000 threshold and a 9.9% rate above $1 million in Washington-allocated long-term gains. The state has no corporate income tax, instead levying the Business & Occupation tax, a gross-receipts tax with no deduction for costs, across more than 50 industry-specific rate classifications; 2026 changes raised the out-of-state nexus threshold to $2 million and introduced a $2 million standard deduction for all filers (Washington Department of Revenue). Washington ranks 45th on the Tax Foundation's 2026 Competitiveness Index, and its effective property tax rate runs 0.75%–0.94% depending on methodology.

Washington is not right-to-work. Governor Ferguson signed the Rent Stabilization Act (HB 1217) on May 7, 2025, capping annual rent increases after the first year of tenancy at the lesser of 7% plus CPI or 10% (the 2026 statutory maximum works out to roughly 9.68%), extending required notice for increases from 60 to 90 days statewide, with most provisions sunsetting in 2040; Seattle layers additional local protections on top, including a 180-day notice requirement. Seattle's multifamily cap rates rose about 40 basis points year-over-year to roughly 5.5% by Q3 2025 (CBRE), with rent growth cooling to roughly 0.5%–2.1% year-over-year depending on the data source, from a much faster pace in 2025, and vacancy readings ranging 5%–7.5% depending on submarket and methodology. Multifamily permitting activity rose 66% year-over-year in the three months ending October 2025, even as unit completions were projected to fall roughly 50% after a strong first-half 2025 delivery pace (HFO Investment Real Estate, using Census Bureau Building Permits Survey data, July 2026). On the corporate side, Amazon cut roughly 2,198 Washington positions as part of a broader corporate reduction beginning April 28, 2026, contributing to a loss of more than 11,000 state tech jobs between May 2025 and April 2026, the second-most of any state after California (GeekWire; KUOW, 2026), while Boeing opened a new $1 billion, roughly 1,000-job 737 production line in Everett in July 2026 as part of its recovery from a prior FAA-imposed production cap (Boeing.com, July 10, 2026).

New Jersey. New Jersey's population reached a record 9,548,215 in 2025 (+0.4%, or +41,861), even as net domestic migration continued to run negative, an estimated −35,554 in the most recent confirmed (2024 vintage) data, the fourth-worst of any state, with a cumulative loss of 192,209 residents to other states since 2020 (US Census Bureau; Sunlight Policy Center of NJ). Job growth was weak, +5,100 positions year-over-year through December 2025 after a benchmark revision down from an initially reported +9,000, and the state was separately flagged by the US Bureau of Labor Statistics among states with the largest year-over-year increases in unemployment as of the July 2026 release.

New Jersey's 10.75% top individual income tax rate (on income above $1 million) is the fourth-highest in the country, and its 11.5% effective top corporate rate, a 9% base Corporation Business Tax plus a 2.5% Corporate Transit Fee surcharge on income above $10 million enacted under former Governor Murphy, is the highest in the nation (Tax Foundation, 2026 New Jersey Tax Rates & Rankings). New Jersey ranks 49th on the 2026 Competitiveness Index, second-worst behind only New York, and its 1.88% effective property tax rate is the highest in the country; the average residential property tax bill reached $10,597 in 2025 (nj21st.com, "2025 Property Tax Dashboards," February 11, 2026, citing NJ Division of Taxation data).

New Jersey carries meaningful coastal flood exposure: it ranks 4th nationally for National Flood Insurance Program claims, with roughly 200,000 properties in FEMA-designated high-risk zones and 53% of the state's population living in its coastal zone; the median NFIP premium is $953 a year statewide but exceeds $6,000 in high-risk coastal Zone VE areas of Ocean and Cape May counties (NJ Climate Change Resource Center at Rutgers; FEMA/NFIP data, 2026). New Jersey is not right-to-work, and it relies on a dense patchwork of local, rather than statewide, rent control: an estimated 100 to 128-plus municipalities maintain their own rent-leveling ordinances under state enabling law (N.J.S.A. 2A:42-74 et seq.), and its Anti-Eviction Act is regarded as among the strongest tenant-protection statutes in the country, requiring landlords to show one of 18 statutory "just cause" grounds to evict.

Statewide multifamily rent grew a modest 1.05% year-over-year as of August 2026, with Jersey City cooling to 5.5% growth from a 7.6% pace in the first half of 2025 (RentCafe/Yardi Matrix). Statewide vacancy rose to 4.9% in 2025 from 3.6% in 2024, and Northern New Jersey's Class A luxury segment showed vacancy as high as 10.7% (Marcus & Millichap, "Northern New Jersey 2026 Investment Forecast"). A New Jersey Business & Industry Association-linked analysis found eight major corporate decisions, including Samsung, ExxonMobil, Bristol Myers Squibb, Honeywell, and Verizon, shifted roughly 7,200 jobs and $675 million in annual payroll out of the state, with Samsung alone moving about 1,200 jobs to Texas (NJBIZ, 2026); against that, KPMG relocated and expanded its New Jersey headquarters from Short Hills to Morristown in fall 2026, and Novo Nordisk's new Princeton-area campus received state retention incentives.

Section 06Crime, immigration enforcement, business climate, and landlord-tenant law

These four factors sit outside the standard tax/migration/insurance comparison but are directly relevant to a real estate investor's operating risk: property crime exposure, the state's posture on federal immigration enforcement (a documented policy fact, not a value judgment), how each state scores on an independent business-climate ranking, and, most concretely, how long and how favorably an eviction proceeds when a tenant stops paying rent.

StateProperty crime rate, 2024 (per 100k)Felony theft thresholdImmigration enforcement postureCNBC 2026 rankUncontested eviction timeline
Texas2,058.2$2,500Statewide anti-sanctuary law (SB 4); heavy 287(g) participation43–6 weeks
Florida1,030.0$750Statewide anti-sanctuary law; agencies must honor ICE detainers82–4 weeks (among the fastest)
Tennessee2,057.9$1,000Statewide anti-sanctuary law; penalties for limiting ICE cooperation95–8 weeks
Georgia1,567.1$1,500No statewide sanctuary law; some local limits despite state policy73–5 weeks (among the fastest nationally)
Ohio1,545.4$1,000No statewide sanctuary law; some counties limit ICE cooperation15–8 weeks
New York1,661.2$1,000Statewide limits on cooperation (Executive Order 170); DOJ-listed sanctuary jurisdiction188–17 weeks (among the slowest nationally)
California1,985.9$950Most comprehensive statewide sanctuary framework (SB 54)178–13 weeks
Illinois1,664.8$500Statewide sanctuary law (TRUST Act, 2017)126–9 weeks
Washington2,498.3$750Statewide limits on data sharing and ICE detention cooperation116–9 weeks
New Jersey1,395.7$200 (lowest in the US)Statewide directive limiting most ICE cooperation, carve-outs for serious crimes319–13+ weeks

Sources: property crime rates, PlainCrime, "U.S. States with the Highest Property Crime Rates," sourced from FBI Crime Data Explorer, 2024 data; felony theft thresholds, state penal codes as compiled by Second Chance Info and Settlement Insight, current as of September 1, 2026 (California's $950 threshold was set by Proposition 47 in 2014, codified at Cal. Penal Code § 487(a)); immigration posture, Center for Immigration Studies sanctuary jurisdiction map, updated March 10, 2026, and US Department of Justice sanctuary jurisdiction list following Executive Order 14287; business ranking, CNBC, "America's Top States for Business 2026: Full Rankings," published July 9, 2026; eviction timelines, RentLateFee.com, "Eviction Timeline by State 2026," February 19, 2026, and Urbansplatter, "How Long Does an Eviction Take in 2026?," July 14, 2026 (contested cases or backlogged courts can extend any of these ranges substantially, particularly in New York, New Jersey, and California).

Property crime does not track the political split. Washington (2,498.3 per 100,000) and Texas (2,058.2) post the two highest rates among the ten states, while Florida (1,030.0) and New Jersey (1,395.7), one Republican-led and one Democratic-led, post the two lowest. Tennessee (2,057.9) and California (1,985.9) sit close together in the upper range. Felony theft thresholds also cut across party lines rather than tracking it: New Jersey's $200 threshold is the lowest of any state in the country, lower than California's much-discussed $950 figure, meaning New Jersey classifies theft as a felony-equivalent offense at a far lower dollar amount than California does. Georgia and Tennessee, both Republican-led, set thresholds ($1,500 and $1,000) below Texas's $2,500. Investors should read threshold levels as one input into a state's broader approach to low-level property offenses and retail-theft enforcement, not as a simple partisan marker, and should weigh them alongside the actual measured crime rate rather than in isolation.

Immigration enforcement posture is a cleaner, if not perfect, split. All five Republican-led states in this set either bar local sanctuary policies outright (Texas, Florida, Tennessee) or lack a statewide sanctuary law even where individual counties maintain local limits on cooperation (Georgia, Ohio). All five Democratic-led states maintain some form of statewide policy limiting cooperation with federal immigration enforcement, ranging from California's comprehensive SB 54 framework to New York's executive-order-based approach. This is a documented, structural policy difference; this note takes no position on whether either approach is preferable, and readers should note that federal enforcement authority (ICE) continues to operate in every state regardless of local cooperation policy.

Business-climate rankings show meaningful movement, and are not simply "red beats blue." On CNBC's July 2026 ranking, Ohio placed 1st overall (up from 5th in 2025) and Texas 4th, but California, at 17th, now outranks New York (18th) and, more notably, outranks Illinois (12th) despite Illinois's Republican-adjacent tax profile in this comparison, largely on the strength of California's 1st-place "Technology & Innovation" score. New Jersey remains the lowest-ranked of the ten at 31st, driven by the worst "Business Friendliness" score (50th) of any state in the country on CNBC's methodology.

Eviction timelines are the most direct, least ambiguous operating-risk data point in this comparison. For a straightforward, uncontested nonpayment case, Georgia, Florida, and Texas resolve in roughly three to six weeks; New York, New Jersey, and California typically run two to four months or longer, and can extend well beyond that if the tenant contests the case or the local court is backlogged. This gap has a direct underwriting consequence: an investor in a slow-eviction state should model a materially longer period of uncollected rent and vacancy exposure on any nonpaying-tenant scenario than an investor in a fast-eviction state, independent of any other factor in this comparison. New York's 14-day written rent-demand requirement and heavily backlogged housing courts, and New Jersey's Anti-Eviction Act (discussed above, requiring one of 18 statutory "just cause" grounds), are the two clearest statutory drivers of the slower Democratic-led timelines; Georgia's lack of any statutory pre-filing notice period for nonpayment is the clearest driver of its position as one of the fastest in the country.

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Section 07What the numbers show: policy-environment differences investors should weigh

Taxation and the cost of doing business. The five Republican-led states occupy five of the top eight spots on the Tax Foundation's 2026 State Tax Competitiveness Index (Florida 5th, Texas 7th, Tennessee 8th), while three of the five Democratic-led states occupy the bottom three (New York 50th, New Jersey 49th, California 48th). This is the most consistent, cleanest split in the data. Georgia (18th) and Ohio (39th), and Illinois (38th) and Washington (45th), sit closer together in the middle, a reminder that the tax gap between the two groups is driven disproportionately by a handful of states at each extreme rather than a uniform partisan pattern.

Population growth and labor supply. Every Republican-led state in this set gained population in 2025; California is the only state among the ten to lose population, and New York's growth was effectively zero. But the underlying migration story is more nuanced than "people are leaving blue states for red states": Florida's net domestic migration has fallen roughly 93% since 2022, and United Van Lines' 49th National Movers Study (December 2025) now describes Texas, Florida, and Illinois as "balanced," roughly equal inbound and outbound, a shift the firm attributes partly to rising housing costs in the formerly dominant in-migration states. New Jersey and New York remain the most consistent out-migration states in the country by that same study, New Jersey ranked the top outbound state for an eighth consecutive year.

Regulatory and permitting environment. An Econofact analysis of 2024 Census Bureau permitting data (Tufts University, February 24, 2025) found Republican-led states averaged 4.66 housing permits per 1,000 residents against 3.60 for Democratic-led states, and a UC Berkeley Economy & Society Initiative analysis (April 24, 2025) found Democratic-led states averaged a 19% housing shortage against 6% for Republican-led states, alongside more restrictive land-use regulation as measured by the Wharton Residential Land Use Regulatory Index. Investors should treat these as real, sourced, aggregate patterns, not universal rules: this note's own state-level data shows Illinois, a Democratic-led state, with one of the tightest, lowest-permitted multifamily markets in the country (Chicago), which has produced some of the strongest rent growth in this comparison, while Texas and Florida, both Republican-led, are absorbing historic supply waves that have pushed rent growth toward flat or negative in several metros. Tight permitting is a real driver of pricing power regardless of which party controls the state; it is a supply-side variable, not strictly a partisan one, though the aggregate national data does show a genuine partisan correlation with permitting volume.

Insurance and climate risk. First Street Foundation's 12th National Risk Assessment (February 2025) explicitly names Texas, Florida, and California, two Republican-led and one Democratic-led, as the three largest states facing significant climate-driven real estate value disruption, projecting a $1.47 trillion reduction in US real estate value over 30 years from climate risk nationally. This is not a partisan pattern; it is a geographic and coastal-exposure pattern that cuts across both groups. Florida and California both show the clearest, most quantified insurance-cost crises in this comparison, driven by hurricane and wildfire risk respectively, while Texas carries meaningful hurricane and severe-storm exposure of its own. Investors underwriting any of these three states should model insurance costs as a genuinely dynamic, rising line item, not a fixed percentage of NOI.

Cap rates, rents, and construction pipelines. The clearest divide in current fundamentals is not red versus blue but Sun Belt versus Gateway. CBRE's 2026 outlook describes Sun Belt and Mountain multifamily markets facing a "twin dilemma" of macro headwinds plus a 50-year-high new-supply wave, with positive rent growth pushed to late 2026 in several high-supply markets and sharp construction pullbacks already underway (Austin down 47% in 2026 deliveries, Phoenix down 40%, per CBRE). Gateway markets, including several Democratic-led states in this comparison, are seeing renewed investor interest even amid weaker population growth and higher taxes, precisely because supply discipline has preserved pricing power. CBRE describes investors as "seeking discount opportunities in gateway markets while maintaining belief in the Sun Belt's growth prospects," meaning capital is flowing into both groups for different, complementary reasons rather than avoiding one entirely.

Section 08Outlook

CBRE's 2026 US Real Estate Market Outlook and its August 2026 Midyear Review both project national commercial real estate investment activity rising roughly 16% in 2026, to somewhere in the $562–605 billion range, with multifamily cap rates expected to hold flat through the first half of 2026 before compressing, though CBRE's own H1 2026 Cap Rate Survey has since pushed that compression timeline out to 2027 given persistently elevated interest rates. Within the Republican-led five, the near-term story is largely one of digesting record supply: Texas, Florida, and Georgia should see rent growth reaccelerate as construction pipelines thin through 2026 and 2027, while Tennessee and Ohio's more moderate supply overhangs point to an earlier recovery in several of their metros. Within the Democratic-led five, New York and Illinois both benefit from genuinely constrained new supply that should continue to support rent growth even amid weak population trends, while California and Washington's markets are more exposed to a still-unresolved property insurance and climate-risk repricing cycle, and New Jersey's fundamentals remain tied closely to spillover demand from the New York metro.

Section 09Limitations and what this comparison does not settle

This note compares ten states at one point in time using the best available named, dated, public sources. It does not, and cannot, isolate the causal effect of party control on any single outcome; population growth, job growth, insurance costs, and rent trends are driven by geography, climate, industry mix, metro-level dynamics, national interest rates, and decades of accumulated policy choices that predate any single governing trifecta. Party control is one observable, correlated variable among many, and this note treats it as a lens for organizing real, sourced data, not as a proven cause of any specific outcome. A small number of figures throughout, flagged inline, come from single trade-press sources rather than primary government data and should be treated as directional rather than precise. Readers should also note that several figures cited here (job growth rates, migration estimates, and rent-growth figures in particular) are subject to routine revision by their publishing agencies and were accurate as of the dates specified.

Section 10Conclusion: the bottom line for investors

Investing in a Republican-led state currently means lower income and, in most cases, lower property tax exposure, a friendlier regulatory and permitting environment, right-to-work labor conditions in four of the five, and materially faster eviction timelines that shorten uncollected-rent exposure on a nonpaying tenant. The trade-off is real: Texas, Florida, and Georgia are absorbing the country's largest new-supply waves, which is currently compressing rent growth toward flat or negative in several of their metros, and Florida and Texas carry the highest, fastest-rising property insurance costs in this comparison. An investor underwriting these states should model insurance as a genuinely rising line item, not a fixed percentage of NOI, and should expect near-term rent growth to depend heavily on how quickly each metro's construction pipeline thins.

Investing in a Democratic-led state currently means a heavier tax burden, in three of the five the highest property taxes in the country, active or emerging rent regulation in three of the five, and eviction timelines that run two to four months or longer even in an uncontested case. The offsetting factor is supply discipline: Illinois and New York in particular have benefited from tightly constrained new construction that has kept vacancy low and rent growth strong even amid weak or negative population growth, a pattern CBRE's own 2026 outlook attributes directly to permitting friction. An investor underwriting these states should weight the tax and regulatory drag against genuinely defensive rent fundamentals, and should model eviction and vacancy risk conservatively given the slower legal process.

The practical read. Neither governing model is a shortcut to a better return. Republican-led states currently offer a lower-cost, faster-eviction operating environment but a more supply-exposed rent outlook in the Sun Belt names specifically; Democratic-led states currently offer a higher-cost, slower-eviction operating environment but, in the tightly permitted Gateway names specifically, a more defensive rent outlook. The states that sit closer to the middle of each group on tax competitiveness, Georgia and Ohio among the Republican-led five, Illinois and Washington among the Democratic-led five, are a reminder that the real dividing line in current fundamentals runs more along supply pipeline and permitting discipline than along party control. Underwrite the state's specific tax, insurance, and eviction exposure alongside its specific supply pipeline, rather than treating governing control alone as a proxy for investment quality.

Sources

Disclaimer: This content is analysis and estimation, not absolute fact, and it draws on third party data. It is published for educational purposes only. It is not investment advice, and you should not rely on it for any investment decision. Any use of this information is at the reader's sole risk, and the author, the website and its owner will not be responsible for any result of relying on it. The information is accurate only as of the date it was written and only as it appeared in the sources used. It may contain typographical errors and may be inaccurate or incomplete.
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