Exodus from SF Bay Area
Interesting article on The Information (can't post the link since it's only for paid subscribers) about prominent tech executives and investors who have recently left the SF Bay Area. They released a list so far, with names, company, and where they moved to. Austin and Miami are super hot, although I don't know why aside from no state income tax. David Blumberg, Founder, Managing Partner, Blumberg Capital (South Florida) Jim Breyer, Founder and CEO, Breyer Capital (Austin) Henrique Dubugras, Founder, Co-CEO, Brex (Los Angeles) Larry Ellison, Chairman, CTO, Oracle (Lanai, Hawaii) Pedro Franceschi, Founder, Co-CEO, Brex (Los Angeles) Orion Hindawi, Founder, Co-CEO, Tanium (Seattle) Drew Houston, CEO, Dropbox (Austin) Joe Lonsdale, General Partner, 8VC (Austin) Douglas Merritt, CEO, Splunk (Austin) Emil Michael, Chairman & CEO, DPCM Capital (Miami) Elon Musk, CEO, SpaceX, Tesla (Austin) Alexis Ohanian, Co-Founder, Reddit, Initialized Capital (Miami) Jon Oringer, Executive Chairman, Shutterstock (Miami) Shervin Pishevar, Investor (Miami) Keith Rabois, General Partner, Founders Fund (Miami) JD Ross, General Partner, Atomic (Austin) Peter Thiel, Managing Partner, Founders Fund (Los Angeles)
Yet the housing price is still going up like crazy.
Remember 3 years ago same happened with crypto currencies. Even a auto-rickshaw (taxi driver in India) driver seemed interested about investing in crypto
There’s little to nothing on the market with low interest rates. That’s why. It doesn’t mean everyone wants to leave or buy. Less homes on the markets than people who can and want to buy.
Daily reminder that people leaving California are all dumb enough to support the same policies that made California a shit state in their new state.
Such as
- Intentional property damage under $900 does not break the law - Allowing non-citizens to vote in elections - Not building new roads/infrastructure due to environmental “concerns” - Allowing worker unions - Absurdly high gasoline tax - High fees for starting a small business (restaurant, hairdresser, auto shop) - Laws preventing high density housing - $14 minimum wage - Encouraging everyone to go to college - Laws discouraging new home construction - Penalizing electric vehicle owners with high annual fees - Community property (ie, lose your earnings) during divorce - Not building new public transit - And of course, the god damn state income tax
Those who ain’t making enough profits are leaving to save face and costs.
Austin is a trap, it might look appealing right now, but the massive exodus of tech workers (mostly left leaning) will turn the texas blue and along with that make it the same sh*thole as California: state taxes, wasting money on social justice, explosion of homelessness and derelict cities (because that's how Democrats work, give poor people other's money without fixing any problem) 🙃
Austin is already having similar issues as SF. The irrationality of tech liberals who vote for the failed policies they left behind is astounding.
You basically don’t understand what causes homelessness. Sad.
Only Dropbox actually moved...
Musk was supposed to get a large payout he saved taxes by moving Cali makes 50% of state income tax from 1% of population Dropbox is bleeding, they will move to Cambodia if they have to. Thiel, Keith Rabois are Republican sponsors, they want the Democratic Bay to crash and burn.
Theil should leave California nobody want such an ahole here . But clearly CA needs to fix its problems - housing is costly , but clearly people moving to other places would mean the only advantage of other place (cost of living ) will go away and people will come back to Cali
CA is very mismanaged
SF Bay is not just about costs. It has a lot of backups which will keep it attractive Natural Beauty, weather and People are open minded. If you in Texas you have to drive forever to reach a vacation spot. Miami half the time you are running from Storms and other half from Crocodiles. Also, many CEOs who have families can’t move like Lone Ranger Musks
People came to the bay area for the TC, no one cares about the weather, nature or open-mindedness or diversity 🤣 If I could have the same TC outside of California I'd have left a long time ago
? Musk still has ties to people in CA. He will still travel to see Amber heard for sure
Austin will be become next Chindia ….cash will be flushed into housing market and locals will become homeless.
Isn't this already happening?
89k households left SF since march out of the ~360k total households in SF.
My guess is 110K came in too! Look at rocketing home prices
Home prices are going up because the existing residents finally got a chance to take up homes. These existing families aren’t necessarily the tech workers they are people that are ingrained in bay area govt, local economy, etc.