San Francisco is an ongoing experiment to test the limits of a talent network effect against a regime that hates businesshttps://twitter.com/adamnash/status/1021833412804370432 …
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Replying to @justindross
Having moved here from NY, I increasingly wonder what would happen to SF in particular and California in general if it weren’t for the tech talent and weather.
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Replying to @sarthakgh
Well if you look at the CA budget you’ll find it’s entirely reliant on heavily taxing extremely wealthy people, which is very volatile income. It’s why CA is so boom/bust and is so fragile in recession
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Replying to @justindross
Sar Haribhakti Retweeted Keith Rabois
Yup, I intuitively knew this but didnt know how big until I saw https://twitter.com/rabois/status/1015669549969166336 … Clearly the only solution is to raise taxes and get entitled rich people to care about the society and pay more taxes. Just like startups, SF has a spending problem, not a capital problem
Sar Haribhakti added,
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Replying to @sarthakgh
They raised taxes in 2012 and collections went down because rich people left
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Replying to @justindross @sarthakgh
That’s not true. It was 138 people but then they were outnumbered by the millionaires who moved in.https://www.sfchronicle.com/business/networth/article/Dozens-of-millionaires-fled-California-after-2012-13053135.php …
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Replying to @kimmaicutler @sarthakgh
My mistake! Thought that the projected tax increase was missed
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See Maryland and CT for what will occur. Not quite as easy to escape here.
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Kim-Mai Cutler Retweeted Cristobal Young
Kim-Mai Cutler added,
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Replying to @kimmaicutler @rabois and
I keep telling policy makers that it’s not the tax rate, it’s the cost of housing/living that causes people to leave.
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and the second / third order effects of those costs
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