It is amusing. Rings hallow just like the "Election Fraud" claims.
People claim that Californians are flooding a market, but no data to show that they significantly impact the city.
I guess the peasants have to be pissed at something in order to divert from what is actually happening.
Austin, Texas ain't one of the top cities that people moved to in general.
Suburb-y areas are the popular hotspots within Texas.
SF has a NIMBY problem which kept house prices high. Austin also has a NIMBY problem which is keep housing prices steadily increasing. (Not to say when this current bubble will pop!)
Investors see some businesses relocating to Texas and hedge their bets all over Texas. It takes time for prices to increase (Americans are stupid high on instant feedback), but recent increases have been driven by demand and lower supply. Lower supply driven by moratoriums than anything else.
Why would a large amount of sensible Californians give up the Cali lifestyle and suddenly move to Austin TX as if it was any better to move there during a pandemic? What are you going to do?
Some Austin houses selling 80k above original price for all cash. I really don't believe people are that daft to aggressively price people out for some home that might sell >10-20% in 5 years. It is a big decision to buy a home in a state or city you've never lived in. It is not worth the risk. People who couldn't afford a home in California all of a sudden making risky all cash offers? You kidding? If these are remote workers then longer term they'll move to the suburbs than play hardball for a home. Remote will be mostly engineers from tech who don't give as much shit about real estate and selling their home for more.
Investors looking to make a quick buck are incentivized to shit to make cash bets, remodel or tear down the house and sell it for far more cash while the pandemic is occurring. The federal government is looking to incentive more homebuying with 15k mortgage assistance. As soon as the moratoriums are gone and there is more inventory prices will drop and the cash offers will tail back. Some investors and new homeowners will be left holding the bag.
It sounds like investor money to me than people looking to live in Austin. Better to keep people distracted and rob them than for people to lobby their city council to stem investors playing real estate speculation.
Keep blaming the Californians though! YEEHAWW, the Texan way! 🤠