This is a correct observation. The question is whether it’s meaningful to pursue local coherence when locality is vague. E.g. can someone at that level just declare permanent residence in a place but maintain their lifestyle in another? At country level they cover that with tax residence, I am not sure whether that’s the case between states in the US. Even as such, people who get on their plane as frequently as I get in my car are not subject to the same residence considerations.

Are they still able to own corporations in California while living out of state? Then it's still a bug.

This kinda misses the larger point. How are billionaires created? By the structure of the capitalist firm. The capitalist gets all of the wealth created by the organization and unilaterally can decide what to do with it, running the organization as a dictator. That is the bug. "Billionaire" is simply the most obvious and egregious form.

The class interest of the billionaire capitalist is the same as the class interest of the millionaire capitalist is the same as the class interest of the small business owner. Unless all of the capitalists leave, the capitalist class will still control the entire economy of California.

Not really, so long as they influence affairs on planet earth, their wealth and influence will continue to cause compounding problems.