https://sputnikglobe.com/20211011/austin-residents-reportedly-worried-about-wealthy-californians-squeezing-them-out-1089846231.html
Austin Residents Reportedly Worried About Wealthy Californians Squeezing Them Out
Austin Residents Reportedly Worried About Wealthy Californians Squeezing Them Out
Sputnik International
The residents are seriously concerned that the city risks losing its uniqueness now that Elon Musk has moved to Texas and is now relocating Tesla’s... 11.10.2021, Sputnik International
2021-10-11T22:31+0000
2021-10-11T22:31+0000
2022-10-19T20:13+0000
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It seems that well-off Californians are gradually ’invading’ Austin, Texas, as more and more tech firms are actively ramping up their presence in the city, media reported on Monday.Residents reportedly fear that housing prices in the city will soar even further, with the median price for a house reaching about $549,000 this September already. The so-called “out-of-state“ buyers, chief among which are Californians, are actively buying up real estate at double the asking price, reports indicate.With more tech firms expanding activities in Austin, a large portion of workers may also consider relocating to the city. According to locals, home affordability is not the only issue they are worried about.The worries are likely to be fueled by Elon Musk’s recent announcement that he is moving Tesla’s headquarters from Palo Alto, California to Austin. The Tesla CEO, who is now the wealthiest man in Texas, attributed his decision to the more affordable cost of living and better opportunities for expanding operations in the state.But perhaps the fact that California has the highest personal income tax in the US is what the move is really about.Since the COVID-19 outbreak started in the United States, California has toughened up its policies regarding workers’ safety and health, which, apparently, prompted Musk to pack up his things and move to a 400-square-foot “box“ in Boca Chica, where regulations are not so strict.Last spring, Musk lambasted the California government for quarantine measures he called ”fascist,” demanding that the state give people back their ”goddamn freedom.” In fact, due to pandemic-induced restrictions, Musk was not able to resume production at Tesla’s vehicle factory in Fremont, where most of his electric cars were being made.
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tesla, real estate, california, austin, electric cars, workers, affordable housing, covid-19, us, elon musk
Austin Residents Reportedly Worried About Wealthy Californians Squeezing Them Out
22:31 GMT 11.10.2021 (Updated: 20:13 GMT 19.10.2022) The residents are seriously concerned that the city risks losing its uniqueness now that Elon Musk has moved to Texas and is now relocating Tesla’s headquarters to Austin.
It seems that well-off Californians are gradually ’invading’ Austin, Texas, as more and more tech firms are actively ramping up their presence in the city, media reported on Monday.
Residents reportedly fear that housing prices in the city will soar even further, with the median price for a house reaching about $549,000 this September already.
“I’m really happy for all the jobs this will create, but my family is already unable to buy a house right now, and it will only get worse with Tesla,” a local hospital administrative assistant told New York Post.
The so-called “out-of-state“ buyers, chief among which are Californians, are actively buying up real estate at double the asking price, reports indicate.
With more tech firms expanding activities in Austin, a large portion of workers may also consider relocating to the city.
According to locals, home affordability is not the only issue they are worried about.
“All these Californians coming here is also changing the culture, and I’m worried it will become too much,” a local resident who works in sales told the NY Post.
The worries are likely to be fueled by Elon Musk’s recent announcement that he is
moving Tesla’s headquarters from Palo Alto, California to Austin. The Tesla CEO, who is now the wealthiest man in Texas, attributed his decision to the more affordable cost of living and better opportunities for expanding operations in the state.
But perhaps the fact that California has the highest personal income tax in the US is what the move is really about.
Since the COVID-19 outbreak started in the United States, California has toughened up its policies regarding workers’ safety and health, which, apparently, prompted Musk to pack up his things and move to a
400-square-foot “box“ in Boca Chica, where regulations are not so strict.
Last spring, Musk lambasted the California government for quarantine measures he called ”fascist,” demanding that the state give people back their ”goddamn freedom.” In fact, due to pandemic-induced restrictions, Musk was not able to resume production at Tesla’s vehicle factory in Fremont, where most of his electric cars were being made.
