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Dropbox CEO Drew Houston speaks onstage during TechCrunch Disrupt SF 2018 on September 5, 2018 in San Francisco.
The CEO of Dropbox, one of the most popular cloud storage services, is planning a move to Austin.
Drew Houston, whose net worth is about $1.4 billion, has purchased a home in Austin that he plans to make his full-time residence, according to a report from The Information.
Houston is the latest tech mogul to make a high-profile departure from Silicon Valley, a trend that has only accelerated under the pandemic. As remote work policies loosen across the tech industry, executives and workers alike have been pouring into the nation's more affordable interior.
In October, Dropbox announced it would stop asking employees to come into its offices and instead make remote work the standard practice, even after the pandemic ends.
Houston isn't the first Silicon Valley capitalist to hang his hat in Austin. Douglas Merritt, the CEO of software company Splunk, also recently purchased an Austin home. While Palantir co-founder Joe Lonsdale already lives in Austin, he recently confirmed that the VC firm will also be making the move to the capital of Texas.
Austin has been a growing hotspot for tech startups since Dell's founding in the mid 80's. Tesla's announcement earlier this year of plans to build its next Tesla Gigafactory arrived with a thump, electrifying critics and supporters by accelerating the city's transformation into a tech city. Tesla founder Elon Musk has said he plans to spend more time in the city, even teasing moving the Tesla headquarters to Austin.
The reasons for the exodus from California to Austin can be attributed to costs. California has some of the highest taxes in the nation, and San Francisco is one the most expensive housing markets in the country. The median rental price for a two-bedroom apartment is the highest in the nation.
Austin, meanwhile, has a friendly character that is inviting with Texas' lack of personal income tax.
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Popular
Tito's Handmade Vodka
Show your love for Tito's and for the community this year with a wide selection of not that ugly, uglyish, ugly, uglier, and ugliest holiday sweaters.
There's lots choose from, and plenty of accessories like scarves and socks, plus gear for your dog, too.
All of the items can be purchased online or at the Love, Tito’s Retail Store in Austin, TX. 100% of all net proceeds from online or in-store purchases go to one of the nonprofits we’ve teamed up with.
Click here to see the entire collection in the Tito's store.
🗓 All weekend
Check out this highly anticipated art exhibition with illuminated art along Waller Creek. Tickets are free and the event includes food vendors, dazzling lights, live music, and hands-on activities
All weekend 6 p.m - 10 p.m | 📍Waterloo Park
This iconic holiday tradition lights up for the first time this holiday season starting this weekend! Reserve your spot for an enchanting light and sound performance, delicious hot cocoa, sweet treats, and some overall fun with your friends or family. The show runs till January 6th.
6 p.m and 9 p.m | 📍Mozart's Coffee Roasters - 3825 Lake Austin Blvd, Austin, TX 78703
🗓 Saturday
This fitness event is free and open to the public. Get your morning started right with a "Fitness in the park" class for kickboxing! The class will be led by certified instructors and is a great way to get a cardio workout in while also honing your self-defense skills.
10 a.m - 11 a.m | 📍 Metz Park
Support local LBGTQ+ and female artists at this outdoor market with over 150 vendors. Get your holiday shopping out of the way at this event, with vendors for food trucks, handmade goods, raffles, hands on workshops and activities, and more.
Did someone say cheese?! If you're like me and always willing to get your hands on a bowl of mac and cheese, then this event is for you. Check out the Mac and Cheese festival happening this weekend to decide which vendor has. the best mac and cheese for yourself, and enjoy the bar with creative cocktails while you're at it. Tickets start at $45.
11 a.m - 3 p.m | 📍Lantana Place - 7415 Southwest Parkway
