Multiple tech investors have announced in recent days they will move from the Bay Area to Miami.
David Blumberg a venture capitalist who founded and manages Blumberg Capital, has announced his move from the San Francisco area to Miami, according to the San Francisco Business Times.
Blumberg said the move was driven by poor governance in California.
Here is how Blumberg explained the move in a Facebook post:
“Big news, bittersweet news, but for the best. As of last night, we have moved out of California, and are now happier residents of southern Florida. Poor governance at the local level in San Francisco and statewide in California has driven us away.
We recognize the amazing and unique natural gifts that G-d and geology bestowed on California, but enough is enough.
We certainly hope and pray that California will take action to remedy the disastrous self-inflicted political situation and restore its former luster and quality of life, but for now we are voting with our feet.”
Blumberg went on to urge friends and family to make the same move.
According to the paper, there is an ongoing exodus from Silicon Valley, with Miami an increasingly popular destination.
Keith Rabois, an early executive at companies including Square, LinkedIn, Yelp, and PayPal, announced in November he is moving to Miami, according to Fox Business.
Billionaire Jon Oringer, the Founder & Executive Chairman of Shutterstock, recently purchased a $42 million home in Miami Beach and relocated here. He has also announced a new incubator fund to invest in Miami businesses called Pareto Holdings.
Another Bay Area investor told the Times that she expects the exodus to accelerate over the next 24 months.
Source: The Next Miami