Austin sees mass exodus of ex-Silicon Valley tech companies

https://www.mysanantonio.com/busines...s-18541636.php

OOFAH! this will hit the city negatively, but it is well deserved, shit like this skyrocketed prices in Austin, rent basically doubled for shitty apartments and decent ones basically tripled. Don't get me started on the housing, hopefully this brings the inflated pricing of everything back down to Earth. Well not hopefully, they will be forced to since there is a high number of layoffs, people will leave or go homeless. The rich will relocate to the next small city that will house Silicon valley greed.

Topic is not hobby related. Moved.

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Originally Posted by Raikage

https://www.mysanantonio.com/busines...s-18541636.php

OOFAH! this will hit the city negatively, but it is well deserved, shit like this skyrocketed prices in Austin, rent basically doubled for shitty apartments and decent ones basically tripled. Don't get me started on the housing, hopefully this brings the inflated pricing of everything back down to Earth. Well not hopefully, they will be forced to since there is a high number of layoffs, people will leave or go homeless. The rich will relocate to the next small city that will house Silicon valley greed.

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I have seen several booms go bust in Austin. After a bust, costs to buy or rent property may go down a bit for a year or two, but will rise back up. Unfortunately we won't ever get "back down to Earth". Austin's low cost of living days were over many years ago.
How I wish it wasn't true, but the Austin we knew and loved is gone.

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Originally Posted by whiskeyforus

I have seen several booms go bust in Austin. After a bust, costs to buy or rent property may go down a bit for a year or two, but will rise back up. Unfortunately we won't ever get "back down to Earth". Austin's low cost of living days were over many years ago.
How I wish it wasn't true, but the Austin we knew and loved is gone.

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I know since there is mass inflation, costs may stay the same though it will and should bankrupt alot of companies with pricey rental properties.

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Originally Posted by whiskeyforus

I have seen several booms go bust in Austin. After a bust, costs to buy or rent property may go down a bit for a year or two, but will rise back up. Unfortunately we won't ever get "back down to Earth". Austin's low cost of living days were over many years ago.
How I wish it wasn't true, but the Austin we knew and loved is gone.

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We've been trending in one continuous "boom" RE-wise since '08...and even that wasn't much of a bust. I remember when now $1500 apartments cost $475 back in 2000. How long have you been around Austin for?

This article I think confuses commercial real estate trends that exist nationally for tech companies with some sort of "exodus". I do think Austin is having growth issues leftover from the California exodus for cheaper housing that temporarily overinflated housing prices, but it's biggest problem for lack of growth in the near term I think is going to be political with the Ken Paxton/Katie Cox stuff and overly conservative law overreaches. Can't be the "go to" hot place for young tech workers when your girlfriend won't move here for fear of Handmaid's Tale results. I know several high income people with daughters/wives that have left Texas for this very reason. And tech will be at the forefront of that when workers can live almost anywhere there is an internet connection. There will be a lot of companies with Texas HQ that are HQ in name only, not bringing the jobs that used to exist with a HQ now that Zoom meetings are a thing.

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Originally Posted by SpencerTracy

This article I think confuses commercial real estate trends that exist nationally for tech companies with some sort of "exodus". I do think Austin is having growth issues leftover from the California exodus for cheaper housing that temporarily overinflated housing prices, but it's biggest problem for lack of growth in the near term I think is going to be political with the Ken Paxton/Katie Cox stuff and overly conservative law overreaches. Can't be the "go to" hot place for young tech workers when your girlfriend won't move here for fear of Handmaid's Tale results. I know several high income people with daughters/wives that have left Texas for this very reason. And tech will be at the forefront of that when workers can live almost anywhere there is an internet connection. There will be a lot of companies with Texas HQ that are HQ in name only, not bringing the jobs that used to exist with a HQ now that Zoom meetings are a thing.

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You think women want to leave Austin because they can not get convenient abortions, is birth control really that difficult?

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Originally Posted by Raikage

You think women want to leave Austin because they can not get convenient abortions, is birth control really that difficult?

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It is not about "convenient" abortions...it it about any abortion, even life saving ones. And yes, birth control can be difficult and not 100%. And in the case of Kate Cox, she WANTED kids but had a non-viable fetus and had to leave the state since doctors were threatened if they performed the procedure. And not only do I think it is happening, I know it is happening. I know several people who left rather than going to UT, and at least two families that moved to avoid this for their daughters. First hand. And one had real trouble selling their house in this market and had to reduce the price several times.

And if you think doctors who are faced with lawsuits for not performing life saving care on one side and threatened with civil and criminal sanctions for performing life saving care are not going to "peace out", you are not paying attention. I know an ob/gyn that left for Colorado for just this reason, and two nurses that left the state for similar reasons. And I think that kind of exodus will only increase with time.

Austin metro is fastest-growing in the US for 12th year in a row

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Originally Posted by SecretE

We've been trending in one continuous "boom" RE-wise since '08...and even that wasn't much of a bust. I remember when now $1500 apartments cost $475 back in 2000. How long have you been around Austin for?

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I've been in Austin since the mid 80's. Got here about two years before the 80's oil bust hit Austin. Oil was THE engine of the Texas economy then. State laws at the time kept out of state banks from doing business in Texas, so the big Texas banks reaped
most of the profit from the preceding oil boom. The bust mortally wounded them. Mercantile National Bank, Texas Commerce Bank, and First City National Bank were all eventually bought by out of state banks now able to do business in Texas. I think
you're right about this being a long boom. It's being propelled by several factors, and won't turn into a bust if one of them changes.

spencer tracy you are sooooo right. The fact women are under attack and not being respected as individuals able to make our own health choices in this state and that is a huge problem, it is scaring off businesses and making our state look backward. you are very on point and astute to nail it down to this one huge glaring issue and how much it matters.

Also wanted to thank Spencer Tracy, I guess you're just like your namesake! He was known for being an excellent listener and reactor lol.

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Originally Posted by BrigittaBanana

Also wanted to thank Spencer Tracy, I guess you're just like your namesake! He was known for being an excellent listener and reactor lol.

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I can think of several great movies that would not have been great if Spencer Tracy had not had a part in them. Also thank you to our Spencer Tracy, his comments are spot on.