During the COVID-19 pandemic, investors and startup founders alike flocked to the Texas capital, attracted to the lower cost of living, âhipâ lifestyle and business-friendly environment (i.e. no state income taxes).
But as the years have gone by, it appears that some have lost their enchantment with Austin, to the point where companies and founders are also leaving or looking to leave the city. The summers are brutal â 2023âs was the hottest on record with 78 days of triple-digit temperatures. The startup scene, some argue, is lackluster. And funding â especially for midsize companies â can be hard to come by. A perceived lack of diversity is also an issue.
People who moved here for affordability reasons quickly realized the city was not as inexpensive as they expected â especially when it came to housing.
I think it is increasingly clear to people the Austin boom is a Covid phenomenon. And like everything Covid related that bubble is bursting and trend reversing. Not saying Austin wonât do well, but it wonât be the next Silicon Valley.
The next Silicon Valley is still Silicon Valley.
Some may say startups are not important for local economy. I disagree. If they truly believe that, then Austin sucking at startups should not upset them.
I posted this quote before and itâs still funny:
Mike Chang, a 30-year-old founder and angel investor, told Business Insider earlier this year that he regretted moving from Los Angeles to Austin during the pandemic. âAustin is where ambition goes to die,â he told the publication.
Yeah, anyone can find any single person that has an opinion. Trusting that over data from large numbers of people isâŚ
Calling those airports international is a joke.
I can check all the boxes except for the airport. Even Payson has a nice country club and golf course. And they have a neighborhood where each house has its owner hanger and the streets double as taxiways. Gotta drive careful there.
I can check all the boxes except for the airport. Even Payson has a nice country club and golf course. And the have a neighborhood where each house has its owner hanger and the streets double as taxiways. Gotta drive careful there.
I remember when @manch was bragging about the budget surplus. That changed quickly. Now that high income people are leaving, itâll only get worse.
There is nothing to brag or despair about CA budgets. Why? They are largely just a function of how well tech is doing.
In the go-go years, tons of startups IPO. Tech companies in talent wars. Everyone with an IQ of 90 or above get cushy tech jobs with juicy RSUâs. People cash in their stocks to buy houses.
Massive capital gain taxes would flood into CA coffer in the good years. But none of that happened in 2022 and 2023. Therefore budget deficit.
Will the go-go years come back? Not sure about how youâd bet but I bet they will.
- Austin
- Nashville
- Orlando
California net loss is 75000. My guess is majority losses are high taxable income people.
Eight states experienced a fall in population between 2022 and 2023: California, Hawaii, Illinois, Louisiana, New York, Oregon, Pennsylvania and West Virginia. California experienced the highest gross population decrease by far, losing 75,423 residents.
Rosenberg is near my hometown and where I went to HS, itâs not a nice areaâŚthereâs a really good breakfast taco place there and thatâs it. very low income.
A lot of us could live anywhere. Texas would be my last choice.
Florida would be ok except in the summer. Same with Arizona. For me Utah and Nevada have some appeal but California has all I want. If youâre looking for a cheap place maybe Tennessee and North Carolina have appeal⌠but they are very hot and humid in the summer and pretty cold in the winter with limited skiing opportunities
Elevation is everything in some places. Think Costa Rica would be too hot? Try it at about 7000 ft. Oak trees and red tailed hawks. Youâd think youâd never left California. Same with AZ. Flagstaff has skiing but I donât know how good it is. Funny but when I was little and relatives from Switzerland came for Christmas they just couldnât get over Tahoe snow for skiing. Apparently it beats Swiss snow.
âState budget analysts recently projected a record $68-billion deficit in the next fiscal year because of a 25% drop in personal income tax collection in 2023.â
Thatâs interesting, since the stock market is near all-time highs. This data is all meaningless though. Just wait for a feel story about someone who regrets leaving California or a picture of SF. It completely invalidates all the data.