Posted on 12/20/2020 8:53:40 PM PST by SeekAndFind
An impossible housing market, high tax rates, and strict regulations have made it challenging to live, work, and do business in Silicon Valley. And now, as companies are finding success with work-from-home models during the COVID-19 pandemic, many CEOs are opting to leave California in search of lower real estate prices, better tax laws, and fewer restrictions.
One state that has gained ground as a tech hub is Texas. Industry leaders such as Advanced Micro Devices and Dell already have an Austin—aka “Silicon Hills”—presence. As of November, 35 companies had relocated to or opened new facilities in the Austin area in 2020 alone, according to data from the Austin Chamber of Commerce.
Austin has many qualities that make it an attractive option. “There are a lot of things about this community—it’s got a great local flavor, a great music scene, it’s an outdoors city,” said Laura Huffman, president and CEO of the Austin Chamber, as reported by CNN Business. “That’s where people want to be. I think 2020 has taught us all that we have more choice when it comes to where we live.”
Here’s a rundown of some of the large tech companies that in 2020 have announced plans to leave the Bay Area for Texas.
Some CEOs are moving to Texas, too, as reported by TheInformation.com, a website that covers the technology industry.
Florida—with its sunshine, affordable real estate, and low tax rates—is also growing as a tech and startup hub. Reddit co-founder Alexis Ohanian moved from San Francisco to Florida several years ago. What's more, New York–based Goldman Sachs is considering moving some of its operations to Miami, according to the New York Times.
According to TheNextMiami.com, three tech investors have announced their moves to Miami. David Blumberg, founder and managing partner of the venture capital firm Blumberg Capital; Keith Rabois, a general partner at Founders Fund and a former executive at PayPal and LinkedIn; and Jon Oringer, a former New York resident who is the founder and executive chairman of Shutterstock. Oringer recently bought a $42 million house in Miami.
Silicon Valley—and its numerous tech firms—have attracted talent for decades. Now, though, exorbitant housing costs, high taxes, and strict regulations have made it a challenging place to live, work, and do business. A silver lining of the COVID-19 pandemic is that many firms have successfully implemented work-from-home strategies. Moving forward, this will give companies and employees alike more flexibility over where and how to work.
Good observation. USA became great because of freedom to work hard and get rich. When your hard-earned money is confiscated and distributed to lazy people who do not work hard, it makes everybody poorer. Wealth is not a fixed quantity. It has to be constantly created.
Don’t overlook Arizona. Closer to CA and many of the big tech firms have opened or plan to open huge facilities in the Chandler/Gilbert area southeast of Phoenix.
I suspect they are moving to Red states in order to flood them with liberal tech workers in hopes of altering the voting patterns.
Florida’s always had a strong data processing reputation...
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