This investment is enough to buy five homes in San Jose, where the median home price is $995,000. Google has over 100 open job postings around San Jose this morning and a $31 B profit last year.https://twitter.com/sundarpichai/status/1189189205085188096 …
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The fact that the tech industry, the richest in the world, is a net drain on the region it's based in is an astonishing indictment of tax policy and regional planning in California. The state is burning fifty kilometers from a mountain range made of money.
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Replying to @Pinboard
I can’t imagine this being remotely true. Are you not counting the income taxes paid by all the (high-earning) employees??
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Yeah, but the tax revenues don't do that much good if you and your family have moved to Phoenix because of the high cost of living
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Replying to @bufordsharkley @Pinboard
But they are not causing the high cost of living.. Zoning laws and other construction regulations are the culprits. By “net drain” i assume he was subtracting subsidies from corp tax rate (?)
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But they're largely complacent/complicit with the systems of artificial scarcity (Not sure I know exactly what meaning "net drain" originally had, whether strictly economic, or also sociological and cultural)
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Replying to @bufordsharkley
I meant it in the broadest sense, that the region is on balance worse off with these industries than it was without them
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Replying to @Pinboard @bufordsharkley
There’s no way that is true.. If you just plucked out the industry now and moved it somewhere, SV would just lose a ton of wealth and intellectual vibrance. The place just needs skyscrapers.. skyscrapers galore...!
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literal LOL at "intellectual vibrance".
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