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(Wikimedia Commons)
Oracle founder Larry Ellison
Elon Musk may be moving to Texas, but another tech billionaire isn't following in his footsteps. Oracle founder Larry Ellison announced while he is leaving California, he is headed for blue waters.
We've compiled the latest Austin news and information to help you keep up with interesting stories and breaking news around the city. Here is what we have shared so far this week:
Dec. 15: Housing market isn't matching historic trends this time of year and 4 more headlines you might've missed
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Real estate immune to pandemic: Austin's housing market was already hot before major tech companies started relocating here. KXAN reports that record-low housing inventory is causing homes to sell faster—35 days—and at higher levels—$441,000 median sales price—in Austin than usual. Even the usual holiday sales dip seems unlikely this year, experts claim.
Another Silicon Valley departure: Oracle may be moving here, but Oracle's founder is heading the other direction. Billionaire Larry Ellison already moved from California to Hawaii, using "the power of Zoom" to keep connected with the continental U.S. Ellison, the world's seventh-wealthiest person, also has some business interests in Hawaii, Austin Business Journal reports.
Return of The Pier?: Historic restaurant The Pier on Lake Austin could soon return long after being forced to shut down in the mid-2000s, but it won't make any progress until at least January, Austin Monitor reports. The Pier, a Lake Austin restaurant for 47 years, is attempting to reopen at its old location but requires a zoning change to make needed repairs. A Lake Travis version of the restaurant was short-lived.
Tiny desk treatment: Black Pumas recently hosted an at-home, stripped-down set for the Tiny Desk music series hosted by NPR. Playing a Tiny Desk show has become a right of passage for many musicians, adding to the accolades Black Pumas has received this year, including three more Grammy nominations to follow up their Best New Artist nod.
P. Terry's ventures south: The 19th location of P. Terry's Burger Stand will debut Wednesday in New Braunfels, representing the Austin-based chain's southernmost location yet. It's a precursor to P. Terry's first San Antonio location, CultureMap reports, originally scheduled for this fall but moved to summer 2021.
Dec 14: H-E-B responds to reports and 4 more headlines you might've missed
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HEB leadership responds: After last week's report from VICE that anti-maskers caused H-E-B to relax mask enforcement, Austin Business Journal talked with one of the grocery company's executives about mask use in stores and supply chain issues. Just as VICE reported, ABJ learned that mask-less patrons are not forced to leave H-E-B stores.
Country great dies of COVID-19: Charley Pride, a country music legend and trailblazer, died this weekend from COVID-19 complications. Pride, 86, was inducted into the Country Music Hall of Fame 20 years ago, becoming the first Black singer to receive such recognition. He's also one of only three Black members of the legendary country music venue Grand Ole Opry in Nashville. Austin City Limits TV recognized his 1981 performance during Season 6 of the long-running live music series.
Latin voices during the pandemic: Voces Oral History Center has interviewed nearly 100 people as part of its "Voices of the Pandemic" project documenting how the Latinx community members has coped with COVID-19. Austin Monthly profiled The University of Texas project, which began in 1999 well before the pandemic.
Hemp farmers in Hays County: The first-ever Taste of Texas Hemp Cup, a contest recognizing the state's top hemp farmers, took place this weekend in Hays County. Hemp, used to produce legal CBD products sold in Texas, looks like marijuana but doesn't give you the psychoactive effect of THC. KVUE reports the contest attracted hemp growers from the far corners of the state.
Stock cars at COTA: When NASCAR visits the Circuit of the Americas racing venue next year, the entirety of the 3.41-mile road course will be utilized. Originally designed for Formula 1 racing, COTA has 20 turns as opposed to oval track used in most NASCAR races. Jalopnik reports the late May race will be part of a full NASCAR weekend of events at COTA that will also include the Truck Series.
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Popular
Miami and Austin are going head-to-head for tech transplants. (Pexels)
California expats and industry experts say Austin remains the bigger draw for Californians, especially those in the tech sector, but warn that this advantage could shift to Miami if the city doesn't address the policy challenges that prompted the migration in the first place: housing affordability.
"If Austin doesn't accommodate this influx, I think all the talent will come to Miami," said Peter Yared, a tech entrepreneur who moved to Miami from San Francisco in September. "I think Miami's going to be the one that sucks it all up."
Push factors
Both Texas and Florida promise business-friendly state tax policies, and their governors tout the relocations of companies such as Tesla and Oracle from California. But Darien Shanske, a law professor at the University of California Davis whose specialties include taxation, said this is a red herring because corporate taxes are based on where sales occur rather than headquarter locations.
This is not to say other state policies are irrelevant. "The area in which California regulatory policy has been, in my opinion, not a complete failure but problematic … is housing policy," Shanske said. Austin and Miami can offer "not cheap, just cheaper" housing than what is available in Silicon Valley. Plus, both cities are developing a critical mass of talent, which further draws Californians in. "If you're a software engineer, you want to live near other software engineers," he added.
But not every Californian is motivated to move. "San Francisco is a fantastic place to live if you can afford it," said Brandy Aven, a professor of entrepreneurship at Carnegie Mellon University's Tepper School of Business. As a result, it's more common for what she called the labor—engineers, programmers and even company founders—to relocate to cities such as Austin and Miami than the monied venture capitalists. Burgeoning tech cities may find that they need to develop homegrown investor networks to support local ventures in the absence of Californian transplants, but she believes this is doable.
Pull factors
Paul O'Brien, CEO of the Austin-based MediaTech Ventures and a startup veteran, moved to Austin from California in 2009, during the Great Recession. "I'm a firm believer that the world has been seeking an alternative to Silicon Valley for a long time," he said, pointing to Austin as the natural heir for myriad reasons.
Austin has regional appeal as the epicenter of three of the country's largest cities—Houston, Dallas and San Antonio—and their respective industry niches. Tech entrepreneurs could cater to the local consumer goods industry or Houston's oil and gas sector. Plus the city has cultural appeal, thanks to the Red River District and South by Southwest, which made it attractive to job seekers. "The whole reason everyone moved to Silicon Valley is opportunity," O'Brien said. "The whole reason people are now looking beyond Silicon Valley to somewhere else is opportunity."
It's less clear what Miami's key industries are, O'Brien said, but the city offers other selling points, including the mayor's buy-in and "a tremendous depth of wealth" to support a technology and startup ecosystem.
Although Yared didn't consider moving to Austin, he is aware of its appeal to engineers, especially now that their hero, Elon Musk, has moved there, shunning California. "Austin has a lock on tech," he said, but Miami draws a different crowd, including financiers from New York. This parallel migration, coupled with the city's more outwardly pro-growth building policies, gives him hope that Miami could supplant Austin in the coming years. "In the end, communities get to choose what they want," he said.
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