Land Value Tax solves this
It’s an ultra-high productivity region which naturally drives up land rents, and California has simply opted out of collecting those rents, which then perversely amplifies the land values even further.
The “this” that LVT solves is not “billionaires exist,” it’s “a state can be the most productive place in the world and end up with spiraling COL and revenues ultra-concentrated in just a few individuals.”