In an interview with Axios, San Francisco Fed President Mary Daly spoke about Silicon Valley heavyweights like Elon Musk and others who have complained about California’s COVID-19 restrictions and taxes and said they would give their ball and move to places like Miami or Brownsville, Texas. or the 140 square foot Hawaiian island they own.
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“I’ve been with the Federal Reserve Bank of San Francisco since 1996. When I arrived in 1996 they had a number of books written that said Silicon Valley was dead. It was over. People were going to Austin, Texas. and Portland, Oregon and Boston and that would be the end of Silicon Valley. It had peaked and was in decline. “
“Of course it didn’t happen. What has happened is that absolutely tech companies are moving to other parts of the country, relocating, and part of that is the business climate they are citing, part is that it’s easier to get a workforce.” When you spread it across the United States as if you are all in one area. That concentration increases real estate values and prices because people want to live here. “
“All of these things are true and yet you can see that Silicon Valley continues to grow robustly and prosper year after year, decade after decade.”
Mary Daly, President of the San Francisco Fed
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