Bloomberg: Hedge Funds, Tech Spur Texas Wealth Boom as California Fades
media mentionThe growth comes with headaches. Traffic is getting worse and public transportation is limited. The influx of people is driving up housing prices, forcing up the cost of living by boosting property taxes. Given high levies on real estate and the state sales tax, the fiscal burden on middle-class people is higher in Texas than in California, at least according to the Institute on Taxation and Economic Policy.
What’s more, Texas can be its own worst enemy when it comes to economic development. The state’s independent power grid failed under the strain of unusually cold temperatures in February, stoking doubts about Texas’s views on electricity deregulation and aversion to federal oversight. Read more