Silicon Valley will soon see ‘mass migration,’ Redfin CEO says

Amazon’s search for a second headquarters outside Seattle is usually just the beginning of a tech exodus by expensive coastal cities to cheaper inland locations, Redfin CEO Glenn Kelman said Wednesday.

“Silicon Valley is usually going to leave Silicon Valley — which’s already happened,” Kelman told CNBC’s “Power Lunch.”

“The technology companies, the Wall Street companies, they’re chasing the talent, [as well as] the talent is usually chasing affordable housing.”

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

Densely populated as well as pricey cities, he said, are already losing residents as well as businesses.

“Google employs more engineers outside of Silicon Valley than which does in Silicon Valley, as well as if Google can’t afford Silicon Valley, then no one can.”

The “mass migration” to the center of the country is usually populating cities which were “economically dead a few or 10 years ago,” Kelman said.

Cities like Denver, San Antonio as well as Houston are primed to be the next hubs, he said.

“which used to be which in California we owned the future. We felt like everything was happening here first,” Kelman said. “as well as at This specific point you see which swagger, which confidence inside the center of the country. People in Detroit, people in Texas think they own the future.”

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