Mass tech exodus from coastal cities

Redfin CEO Glenn Kelman has predicted a significant migration of tech companies and talent from expensive coastal cities to more affordable regions in the U.S. He highlighted that rising housing costs in areas like Silicon Valley are prompting this shift, with companies like Google already employing more engineers outside of these high-cost areas. Kelman noted that Amazon's search for a second headquarters reflects a desire for growth in less expensive cities. He believes the recent tax reforms will further accelerate this trend, as new homebuyers face stricter mortgage interest deductions, disproportionately affecting high-cost markets. Kelman sees this migration as beneficial, potentially reducing economic and political polarization by distributing wealth more evenly across the country. He identified cities such as Seattle, San Antonio, Denver, and Houston as prime locations for investment due to their emerging markets. This sentiment aligns with initiatives like Rise of the Rest, which aims to revitalize the economy in less prominent regions by attracting investment and talent.

- Glenn Kelman predicts a mass migration of tech talent from coastal cities to more affordable areas.

- Rising housing costs and recent tax reforms are key factors driving this trend.

- Companies like Google and Amazon are already seeking growth outside high-cost regions.

- Kelman believes this shift could help reduce economic and political polarization in the U.S.

- Emerging cities like Seattle, San Antonio, Denver, and Houston are seen as prime investment opportunities.