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There's a reason why the Bay Area still gets 10x the venture capital of anywhere else despite the incredibly high business costs. You put your business where it has the competitive advantage. You're not going to put a low margin warehousing business in Palo Alto. You're not going to put an mRNA biotech startup in Jacksonville.
Property taxes are becoming an issue too as home prices start to skyrocket.
Anecdotally, I know of several people who were strongly considering DFW and then got sticker shock when they saw what their tax burden would be.
I suspect this is the main reason why growth in Phoenix is picking up steam.
This is why I suspect the shine is going to come off DFW in the next decade or so. It'll still grow, but not as quickly, once people realize it's not a bargain anymore. Why pay a premium to live in an area that looks like Kansas when you can live in Kansas and not pay the premium? What's the entry point for Phrisceaux now? $500k? That's a $10,000 property tax bill and probably close to $2000 a year for insurance. Plus in order to go anywhere you'll have to hop on a toll road so add another $1000 a year in tolls. If I were a fully-remote worker, places like DFW and Houston would be at the bottom of my list for home base cities.
This is why I suspect the shine is going to come off DFW in the next decade or so. It'll still grow, but not as quickly, once people realize it's not a bargain anymore. Why pay a premium to live in an area that looks like Kansas when you can live in Kansas and not pay the premium? What's the entry point for Phrisceaux now? $500k? That's a $10,000 property tax bill and probably close to $2000 a year for insurance. Plus in order to go anywhere you'll have to hop on a toll road so add another $1000 a year in tolls. If I were a fully-remote worker, places like DFW and Houston would be at the bottom of my list for home base cities.
Very true.
Property Taxes are definitely soaring in TX as well as having a rate of over 2% avg
There is no tax low enough for CEOs, they want everything for free and don't mind demanding tax breaks from states and cities and then doing everything they can to not pay a single penny back in the form of taxes. Some states bend over backwards to provide all out corporate welfare---and they bring these jobs to your state but you charge no state income tax, so what exactly is the benefit to you? I dont get it. You get a bunch of Californians moving there with their California equity outbidding your locals, driving up home prices, clogging your freeways, etc.,
But whatever, if that's what you think makes you important, then you do you. LOL
I was in Utah last week and met with a really close friend of mine who is the CEO of one of Utah's biggest homegrown tech companies, and even he conceded to me that the state's desire to attract high tech, while good for population and job growth, has really made housing unaffordable for so many people.
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