HIGH TAXES COME WITH UNINTENDED CONSEQUENCES

Another major company moves its HQ from California to Texas

 

By Alice Wright 

Daily Mail

Feb 11, 2025

 

Adios California, hola Texas

A real estate giant has joined the growing list of companies abandoning California and heading to Texas. 

Realtor.com, a subsidiary of Rupert Murdoch's News Corp, announced it is relocating its headquarters from Santa Clara to Austin.

The real estate listing site's move comes after companies such as SpaceX, Chevron and Oracle have all made the move from the Golden State. 

Texas has waged a charm offensive on companies touting its low taxes and limited regulation.

The Lone Star State has also established new business courts to tackle corporate disputes, a factor that many companies find attractive about incorporating in Delaware. 

Realtor.com CEO Damian Eales said he was also attracted by Texas' expanding housing stock, low cost of living and growing talent pool off workers.

'There is no better place for us to call home,' Eales said in a statement. 

'Over the coming years we are committed to growing our presence by hiring great local talent and by bringing new recruits to Texas' he added. 

 

Realtor.com announced it is moving its headquarters from Santa Clara to Austin

 

Robert Thomson, Chief Executive Officer of News Corp, was equally enthusiastic about the move to Texas. 

'We are proud to be housed in a state which understands the crucial role played by business in providing opportunities for personal growth, professional success and community achievement,' Thomson said of the announcement. 

'Our investment in Austin is a downpayment on The American Dream.' 

Governor Greg Abbott celebrated the announcement and praised Texas' 'unmatched business environment.' 

Employees who formerly worked in the Santa Clara office now work remotely, and the headquarters are now in office space leased at 901 E. Sixth Street in Austin. 

The state capital has created millions of square feet of new office space in recent years causing an excess in the market. 

The area's vacancy rate was almost 30 percent at the end of the year, according to Cushman & Wakefield. 

Musk cited abundance of housing and lower taxes as reasons for moving Tesla's offices from California to Texas. 

 

The popular real estate listing site joins a hose of companies fleeing the Golden State 

 

Chevron claimed its own relocation was due to increased environmental and business regulations in the blue state. 

California has strict fuel-quality rules which were imposed to limit harmful emissions and curb environmental damage. 

According to oil industry analysts, such regulations make it more expensive to produce oil in California, compared to other states.