exactly. the Bay Area is transient, welcoming of new {smart} people without caring what school they went to and who their dad is, and new ideas, and as a result, the area as a whole carries very little baggage that weighs down places like the DC Metro area, New England, the South.
The companies moving to Austin are also “dinosaurs”, and yet, not one has closed their Bay Area “R&D” or next generation product. OCI (Oracle’s cloud product) is still Bay Area based, HP R&D labs are all going to be in San Jose, Apple still has the mothership here. They are moving second tier tech jobs to Austin as a cost savings and to attract workers who would prefer to live there and do second tier work. (tech and non tech).
What impressed me about the Bay Area was how humble people were. That’s dead. Bay Area exceptionalism is a exhausting and should be categorized as a mental illness. The symptoms are:
Belief that any news is automatically bullish for Bay Area housing prices
Belief that the Bay Area will never be replaced
Belief that Bay Area policies are so successful the rest of the country should copy them
Belief that living in the Bay Area confirms a status of superiority even for people who don’t work in tech, never worked for a startup that made it, and never worked for FAANG caliber companies
The biggest tech companies revolve around violating privacy to serve us ads to convince us to buy stuff we don’t need with the premise it’ll make people happy. No wonder so many Americans are on anti depressants and anxiety meds.
Tech used to unlock new possibilities and increase productivity. Now it just tells people more ways to spend their money.
I haven’t lived in the BA for seven years. I have found that many people really hate the BA attitude. It’s kind of like how New Yorkers are viewed on the east coast. Pushy, arrogant in a hurry and self righteous. Plus they have no idea how much Tahoe locals hate them.
Plus there is now a right wing movement against anything tech. That includes Amazon.
Nobody says Bay Area will never be replaced. But does the converse mean it will be replaced this year? Or next?
I often find it amusing so many people predicted the demise of Silicon Valley but nobody said anything about NYC. It seems every ten years or so the popular narrative would turn and for sure now is the inflection point and a new SV will emerge.
NYC has been the world’s Number 1 financial center for over 100 years. I don’t see people predict its demise. SV has only hit its stride in the 70s and people kept saying we are doomed. In the 80s and 90s it was the Japanese. 00s saw the dot-com bubble burst. In the 10s it was GFC and China.
In the book “Thinking Fast and Slow”, Kahneman said people working on the project actually gave the least accurate estimate when the project will finish. Insiders know a small piece in great details but lack systematic understanding.
If you look at the Bay Area tech ecosystem in a systematic way you too will understand its strength.
Well arguably the right wing conspiracy nuts are delusional. Something to do with the banning of free speech. Generally I think many people think Big Tech is arrogant and has too much power…
The left aka Bernie and Warren also hate tech. That’s fine. We should all use Chinese tech like Tiktok instead if they don’t like American tech like Google and Facebook.
As long as Tech does not die, SFBA flourishes, no one can stop, no matter how many Ellison’s are leaving and how many Elon’s are moving out !
As more and more people migrate towards SFBA, it tends to increase the price, as more and more IPOs are created, it adds wealth to local economy.
It worked, it works and it will work, no doubt. I have witness past 25 years, no change. My realtor witness past 45 years, no change. Other than recession years, bay area real estate grows at its normal pace.
I hate living in the BA for the same reasons. However, agree with Manch that BA isn’t going down for a while. Smart, ambitious people want to live here. point is, I agree with you it sucks, but I don’t think its going down anytime soon.
Many here fear about future competition. Fear monger.
When TSLA was low, many feared about TSLA’s competition from China or elsewhere, TSLA jumped.
When MRNA & BNTX was low, many feared about other competition and missed the boat.
Many has the same attitude, fear about future competition , and miss the current boat.
It was working since the days of golden rush, SFBA real estate is growing, tech revolution started, it is growing, many here bought real estate, it is continue to grow.
As long as tech continues to grow, local economy will be improved, people try to migrate and that does not stop any growth.
Not only now, 25 years before my friend and I landed in SFBA, but he was fearing about bay area growth left to Texas, after dot.com, with similar argument.
I have been hearing again and again, it is not stopping.
You get it WRONG. Many fear it runs out of CASH. Once that is confirmed ok, stock rockets! Is what I said too - search this forum - can’t remember when I said that. The search facility is very screwed, don’t know how to find it.
Above was said in Oct 2018. Too lazy to search for more - I recall I said similar earlier.
Notice both problems are resolved. So TSLA is rocketing not because of those BS dominance in many industries. Or rather now they can because both problems are solved.
Btw, I am not that smart to know that. I read about TSLA then.
That is what I say, either one way or other, it is fear mongering always takes back seat, not moving forward.
Fear of anything, blocked many to invest in TSLA, MRAN…etc resulted loss on possible gains
Fear of doomsday for SFBA will result in loss of potential gains in real estate.
When it worked last 25 years or last 45 years and even last 100 year (since gold rush), and there economy is flourishing and continue to grow, fear mongering is a waste and missing the boat.
how exactly is NYC world financial capital when Europeans and Chinese can afford to built more factories and infrastructure around the world.
Europe is No1 in International AID. approaching $90B a year. German Bond yields are negative.
once upon a time Japan was tech superpower and it did believe investing in California.
now almost all Japanese firms have fled California and Japan is tethering as a failed state. cannot manage its energy prices Sony Metereon.is a low grade mall. where the idea started and where it end up.
Prices going up in Austin is due to very high demand, supply is about the same as normal. Who are buying in Austin since according to @manch is hellish and low-life?
Is nature way. So is up to you which side you are on.