231–240 of 691 posts
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That's not actually true - California will probably consider this California income because he earned it while in California.
Are you a tax lawyer by any chance? or is this just guessing?
https://www.sambrotman.com/personal-income-tax-residency-cal...
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I talked to several Tesla and former Tesla folks that will probably relocate because of this, and the say is that since Austin in less NIMBY than the Bay Area new housing will get built and prices will go down. It's a more complex bet than just "we move there because houses are affordable now".
The east part of Austin where Tesla is located is still underpopulated compared to most of Travis county, so there's room for a lot of housing to be built out that way. Connectivity from there to central Austin isn't too bad, since that's the direction of the airport and Houston.
The official reason is because of housing: "To be clear we will be continuing to expand our activities in California," Musk said. "Our intention is to increase output from Fremont and Giga Nevada by 50%. If you go to our Fremont factory it's jammed." But, he added, "It's tough for people to afford houses, and people have to come in from far away....There's a limit to how big you can scale in the Bay Area." https://ww…
As someone who just bought a house in Austin this year, if the reason is "affordable housing", they're in for a world of hurt.
Austin: https://www.redfin.com/zipcode/78725/housing-market
Fremont: https://www.redfin.com/zipcode/94538/housing-market
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>Because tech workers are contributing to the displacement of the people those places need to survive. >Yet the reality is you're still contributing to that displacement even though you're not responsible for those policies. You're arguing that people trying to make a better life for themselves are ruining the lives of others? I think it's extremely clear that Californian's own tax policies, along with NIMBYs are to…
> You're arguing that people trying to make a better life for themselves are ruining the lives of others? 100%. > I think it's extremely clear that Californian's own tax policies California's tax policies have been that way since at least the 70s. I'm thinking Prop 13 and rent control, which were essentially massive giveaways to incumbents at the expense of everyone else. Your presence is support for those policies,…
The displacement is going to happen with our without tech workers, because of the land use policies. Maybe not today, but as it stands, the region will likely never become more affordable. Blaming the tech workers for literally existing when the suburban tides turned back to urbanism is a trivially irrational post hoc argument.
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Property taxes are _much_ higher in Texas than California, in fact Texas has one of the highest property taxes in the nation (because there's no income tax, and TX still needs to fund itself somehow; TX also has one of the highest sales taxes for this reason, too). You pay the same on property taxes for a $400k house in Texas as a $1M house in California. Not only that, CA has Prop 13: for better or worse, your prope…
Additionally as someone who did some casual redfinning around Austin at the start of the pandemic, I'd say my own natural inclination was to shop pretty close to the price of the California single family home (i.e. $1M) and envision what it'd be like to live in/grow into the Texas mansion (i.e. $1M) at the equivalent price range. I probably wouldn't have downsized to a $400K home and I probably would have been sticke…
Austin/Dallas/Houston/San Antonio are not classified as "High Cost of Living" areas, as SF/LA/NYC are. This means that a conventional mortgage as of 2021 in Texas is capped at $548k, while in LA/SF it's $822k. The practical effect of that is any mortgage higher than $548k in TX is classified as a "Jumbo"/non-conventional loan, which usually comes with a higher interest rate and/or higher percent down required.
You want a $1M house in TX rather than CA? Be prepared to put $400k+ down or accept a higher rate + PMI, rather than the normal 20% down in CA. All on top of the fact that you're paying the equivalent in taxes to a $2M+ home in CA.
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The public schools aren’t pitiful at all. California has great schools.
Bay area public schools are horrible. I live 15 mins away from Apple HQ and all you need to know about our assigned elementary school is that it has metal detectors on the entrance because of the gang activity.
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To clarify a bit: The monthly cost of renting a house is way higher in California, not because it costs more to rent the house, but because it costs more to rent the land the house sits on. Property tax taxes two things -- the house, and the land. The portion of the tax that taxes the land is capitalized into the selling/renting price of the land, which is to say that causes it to cost less to buy the land and less t…
>To clarify a bit: The monthly cost of renting a house is way higher in California, not because it costs more to rent the house, but because it costs more to rent the land the house sits on Rent is not really tied to land in CA. If it were, a 1br in an apartment complex would be cheaper than a 1br detached unit since you are renting less physical land, and while much rarer, both 1brs tend to be about the same prices.…
In other words, the value of the land (which is to say, the value of the location). To be clear it's not the amount of land, it's the value of the land in particular places (especially urban land next to valuable jobs).
If you think land (location) isn't a big factor, perhaps you could explain why in the heart of San Francisco this 2,300 sq. foot EMPTY lot costs $2 million:
https://www.fortressofdoors.com/content/images/2021/08/image...
While this 2,020 sq. foot lot right next to it with 3 beds and 3.5 baths costs $2.3 million:
https://www.fortressofdoors.com/content/images/2021/08/image...
(found those on redfin, personal information redacted but you could find your own examples easily)
Here's a map of the land value share of real estate for the whole of the united states: https://www.aei.org/housing/land-price-indicators/
And if you don't trust the American Enterprise Institute, you should look at Larson (2015) who says much the same thing:
https://www.bea.gov/research/papers/2015/new-estimates-value...
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I talked to several Tesla and former Tesla folks that will probably relocate because of this, and the say is that since Austin in less NIMBY than the Bay Area new housing will get built and prices will go down. It's a more complex bet than just "we move there because houses are affordable now".
Beyond housing, isn't traffic a problem? Lots of people will be commuting from Round Rock.
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The exodus has been soundly proven to be a myth. [1] But assuming it isn't, there aren't many better places to go. Texas is a joke. Traffic is worse than LA in the major cities and it is run by Christian zealots. Yeah maybe you pay fewer taxes but the other quality-of-life tradeoffs aren't worth it. [1] https://www.sfgate.com/local/article/California-exodus-is-ju...
It's such a terrible state. Infested with ultrawide roads and zero walkability. Women don't have bodily autonomy - imagine trying to raise a daughter in such an environment. I'd hope that alone would deter engineers with families from the state. Not to mention the a worthless human being of a governor. Backwards politics and ideals. It's a joke of a state, everything wrong with America hyper-concentrated on steroids.…
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Can't launch rockets from California. Splitting time between SpaceX and Tesla is a lot harder when its half way across the country.
I get your point, but: > Can't launch rockets from California Nearly all of SpaceX's polar orbit launches were/are from Vandenberg Air force base, just north west of Los Angeles.
