‘Worst run city in the United States’

0

A top tech executive who uprooted his company from the Bay Area blasted San Francisco as “probably the worst run city in the United States” during a conference of Silicon Valley bigwigs.

Drew Oetting, the president of 8VC, a venture capital firm that was once headquartered in San Francisco but has since pulled up stakes and relocated to Austin, Tex., said that rampant homelessness, rising crime, COVID lockdown measures and high taxes led him to say good riddance.

“San Francisco is probably the worst run city in the United States,” Oetting told fellow participants at Fortune Brainstorm Tech in Aspen, Colo., this week.

Oetting said that he and his company opted for Austin due to its “energy” and its significantly lower cost of living.

But Oetting got pushback from another fellow tech executive, Bloomberg Beta head Roy Bahat.

Drew Oetting is the president of 8VC, a venture capital firm that was once headquartered in San Francisco but has since pulled up stakes and relocated to Austin, Texas.
LinkedIn

Bahat, a San Francisco resident, said the Bay Area will remain a hub for tech firms due to its plethora of top-flight colleges and universities.

“A lot of people made a lot of money in California, only to leave for tax reasons,” Bahat said. “I actually think that’s despicable.”

Bahat also added that the recent Supreme Court decision to overturn Roe v. Wade, strict anti-abortion statutes in Texas and the newly passed “Don’t Say Gay” law in Florida will deter predominantly liberal tech workers from living there.

Oetting said that Austin offers lower cost of living and a much more friendly regulatory environment for business.
Oetting said that Austin offers lower cost of living and a much more friendly regulatory environment for business.
Getty Images

“I’ve heard from a lot of women who are not very happy about Texas’s stance on everything related to women,” he said.

Oetting, however, said that cost of living outweighed concerns over social issues.

“I don’t owe the government my taxes, the government owes me services,” he said.

Last year, more than two dozen California-based companies, chief among them Tesla and Oracle, moved their headquarters from Silicon Valley to Austin.

Bloomberg Beta head Roy Bahat said the Bay Area will remain a hub of tech activity.
Bloomberg Beta head Roy Bahat said the Bay Area will remain a hub of tech activity.
LinkedIn

Another tech executive on the panel, Moment CEO Lucy Guo, said her current hometown of Miami has been welcoming to the LGBTQ community.

Guo, who identifies as bisexual, said Miami is “the happiest place I’ve ever been.”

“It’s one of the best places you can build a company,” she said.

Aside from Tesla and Oracle, Infrastructure engineering giant AECOM, telecom firm DZS, financial services provider Charles Schwab and real estate investment firm CBRE Group all relocated from the Golden State to the Dallas-Fort Worth metroplex.

Since the start of 2018, some 300 companies have relocated their home base from California to places like Texas, Arizona, Nevada and Tennessee, according to the Hoover Institution.

FOLLOW US ON GOOGLE NEWS

 

Read original article here

Denial of responsibility! Vigour Times is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.

Leave a comment
Enable Notifications    OK No thanks