In recent weeks, both Hewlett-Packard and Oracle have announced they are moving headquarters to Texas. The companies seemingly are joining the massive exodus of people out of California, moving to other parts of the country. Areas where the cost of living isn’t so massively skewed, and taxation isn’t so punitive. The COVID-19 pandemic have accelerated the trend, with remote work freeing people from the confines of their workplace location.
My question is: wouldn't some of the problems we have in California follow these people and companies to places like Texas? If there’s a sudden spike in demand for housing, wouldn’t the prices go way up? Wouldn’t a relatively drastic population increase in cities like Austin cause a commensurate uptick in traffic congestion? What I am saying is: some of the issues that are causing people to flee California are just going to follow them to their new spots, provided enough people are going with them.
I remain bullish on San Francisco and California. This byzantine city of ours may be maddeningly inefficient, but the quirks and beauty within and without are worth the hefty price of admission. My friends and family all live here, and my job is returning to physical come next Fall (god willing the vaccines rollout is wildly successful). This many people and companies leaving the area means our cost of living and congestion are going to go down. I just hope there will be enough of us left to have a sustainable tax base. I’m bullish on that, too.
Besides, If I ever were to move out of the Bay Area, it would be to an Asian metropolis, not somewhere else in the United States.
Shuriken.