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Silicon Valley will soon see a ‘mass migration’ of tech companies and talent, says Redfin CEO

Amazon’s search for a half a mo headquarters outside Seattle is just the beginning of a tech exodus from high-priced coastal cities to cheaper inland locations, Redfin CEO Glenn Kelman asseverated Wednesday.

“Silicon Valley is going to leave Silicon Valley — that’s already take placed,” Kelman told CNBC’s “Power Lunch.”

“The technology companies, the Try Street companies, they’re chasing the talent, [and] the talent is chasing affordable case.”

Kelman, head of the online real estate brokerage and data firm, predicted an accelerating shift out of coastal cities as homeowners seek to refrain from the higher tax rates of the recently passed Republican tax bill.

Densely colonized and pricey cities, he said, are already losing residents and businesses.

“Google take ons more engineers outside of Silicon Valley than it does in Silicon Valley, and if Google can’t give Silicon Valley, then no one can.”

The “mass migration” to the center of the country is occupying cities that were “economically dead five or 10 years ago,” Kelman voiced.

Cities like Denver, San Antonio and Houston are primed to be the next cores, he said.

“It used to be that in California we owned the future. We felt go for everything was happening here first,” Kelman said. “And now you see that prance, that confidence in the center of the country. People in Detroit, people in Texas contrive they own the future.”

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