eh, I'm not sure this really spells the end of anything - Bay Area growth has been extremely high for years, decades even. And yes, California has a huge problem with building homes & infrastructure, but even so, it's been growing at around 8.5% for a while. At the same time people have been leaving all along and it's inevitable that changes like this will happen. I honestly think that Oracle doesn't even benefit from being in the SF area anymore anyway, they sell maintenance contracts to fortune 500 companies, you can do that from anywhere. And no one is being forced to relocate, so anyone with school-age kids or an employed spouse is likely to stay anyway.
Oracle Moving HQ to Austin
121–130 of 451 posts
Re: Oracle Moving HQ to Austin
#122Earlier quoted context omitted.
Given that the parties are increasingly stratifying along class lines, and the working class is getting redder every year, I'd guess Hispanic immigration will trend in the Republicans favor and outpace upper-middle class migration from the coasts, which favors Democrats. Of course that would require the Republicans to get out of their own way and stop playing into the Democrats' hand at every turn regarding Identity…
> I'd guess Hispanic immigration will trend in the Republicans favor and outpace upper-middle class migration from the coasts, which favors Democrats. This was the RNC's prediction and former goal for future growth. It was correct until Trump disrupted it. The only place where this is still true is in FL. Until Trump loses his grip on the Republican party, Hispanics by and large will be flocking to the Democrats.
Trump increased his base with every ethnic group except Non-hispanic Whites this election, so I fail to see how that is accurate.
Re: Oracle Moving HQ to Austin
#123Earlier quoted context omitted.
Average high/low temperatures in the summer for Austin are: June. 92° / 72° July. 96° / 74° August 96° / 74° Average high/low temperatures in the summer for Cupertino are: June. 75° / 55° July. 76° / 58° August 76° / 58° Austin will never, ever be like Silicon Valley because of this. The freedom you get from cooler weather is great from an energy utilization stand point and for allowing safer and more desirable condi…
>Now imagine 10 years time of increased global warming. Wow, 0.1 degrees more, that will really tip the scales
You realize this is BS, right? That's an average.
I live around Oakland. The number of days, in the last decade where I wished I had AC went up 10x. I literally had days where I camped out in my basement. With a fan blowing on me. That never happened a decade or more ago. Ever.
Re: Oracle Moving HQ to Austin
#124Earlier quoted context omitted.
The locals have been mostly gentrified. There is no Prop 13 in TX, it’s a low-service state, so it all rolls down to property valuation and tax rate.
I'm not sure what you're saying. Do you think those things make Austin immune to any problems that could be caused by increased income inequality?
When I went to UT, you could be poor. You could be retired and live in Travis Heights. You can’t do those things now, because there’s no rent control, and your 1400 sqft bungalow is valued at $1.5M and your tax rate is $2/$100 valuation and going up 20% next year.
The difference is Gov. Abbott will eventually drive those icky poor/homeless under the overpass out by taking over APD and busing them to CA. Progress. /s
Re: Oracle Moving HQ to Austin
#125Earlier quoted context omitted.
How does labor law impact anything when everyone is WFH ? Also, do taxes really have anything to do with your HQ location ? All corporations are registered in Delaware.
Often (maybe always?) employees pay income tax in the state where their company's headquarters is, or the local office in which they work.
Is that ever true? I'm pretty sure you pay income tax in the state in which you work, regardless of where HQ is.
Re: Oracle Moving HQ to Austin
#126Earlier quoted context omitted.
>The Californians, after years of having higher salary, more savings, and a job that lets them move, goes to Texas and offers $400k for that same house. Nobody pays more for something just because they have more savings. They pay more because they might be getting outbid by someone. I don't see the purpose of characterizing that as "California exporting higher costs of living". People with more money outbid people wi…
At least in Denver, it's common to see Californians come in and for the first offer drop down 20% over asking. No bidding war. They want to guarantee they get the house _without_ having to deal with a bidding war, and have enough savings that the marginal cost of each of those dollars is less than those living and working in Denver.
The extra 20% is the bidding war. If they thought there was a reasonable chance they would be able to purchase without the 20%, they would.
Re: Oracle Moving HQ to Austin
#127How long before all the Californians make Austin the exact same place they fled from?
Average high/low temperatures in the summer for Austin are: June. 92° / 72° July. 96° / 74° August 96° / 74° Average high/low temperatures in the summer for Cupertino are: June. 75° / 55° July. 76° / 58° August 76° / 58° Austin will never, ever be like Silicon Valley because of this. The freedom you get from cooler weather is great from an energy utilization stand point and for allowing safer and more desirable condi…
Bay Area had 99 straight days of poison air in 2020 and there's no reason to expect 2021 to be any better, especially considering that so far the 2020-2021 water year has been the driest ever recorded in human history.
Re: Oracle Moving HQ to Austin
#128Earlier quoted context omitted.
> How long before all the Californians make Austin the exact same place they fled from? That is a concern. But part of SF's problems is structural: transportation and new construction are constrained by water. That is much less of a concern in Austin.
Is public transit good in Austin?
LOL no. SFMTA alone carries almost 10x as many weekday riders as Capitol Metro and that's not even counting BART, which is seems like you'd need to count BART to get to an equivalent service area population.
Re: Oracle Moving HQ to Austin
#129Earlier quoted context omitted.
Californians in LA/SF are used to paying $800k for a house, and the Cali salaries are high enough to support it. A Texan in Dallas/Austin is used to paying $250k for that same house, and has a relatively lower salary to match. The Californians, after years of having higher salary, more savings, and a job that lets them move, goes to Texas and offers $400k for that same house. The Californian thinks it's a great deal,…
> The Californians, after years of having higher salary, more savings, and a job that lets them move, goes to Texas and offers $400k for that same house. The Californian thinks it's a great deal, because they get the same size house they previously lived in for only half the price! And the seller thinks it's great, because he now suddenly gets a huge premium on his previously-valued-at-$250k-house. All of the real es…
The real estate market (and well, most real markets) cannot be completely explained by simple supply/demand calculations covered in a high school economics course. Nor can they be entirely explained by a highly-trained economist. There are many factors at play that complicate matters.
Re: Oracle Moving HQ to Austin
#130Earlier quoted context omitted.
At least in Denver, it's common to see Californians come in and for the first offer drop down 20% over asking. No bidding war. They want to guarantee they get the house _without_ having to deal with a bidding war, and have enough savings that the marginal cost of each of those dollars is less than those living and working in Denver.
The extra 20% is the bidding war. If they thought there was a reasonable chance they would be able to purchase without the 20%, they would.
The term "bidding war" doesn't typically apply to initial offers.