Sunday, September 27, 2020

Major Fintech Investor Escapes From California

 The exodus continues.

Big time fintech investor Ron Suber said Friday that he sold his San Francisco home and is moving to Boulder, Colorado.

“We’re all adapting now that we understand life isn’t going back to the ‘old normal’ anytime soon as a ‘new normal’ settles in. For Caryn and me, it’s made us ready to execute a difficult decision we’ve been considering for years — we just moved from San Francisco to Boulder,” Suber wrote in a LinkedIn post Friday.

“We’ve been traveling around this country seeing whether there was a different place, not a better place, where we wanted to live,” Suber told the San Francisco Business Times. Their excursions took them to Austin, Texas; Miami; Bend, Oregon; Jackson Hole, Wyoming; and Boulder. 

There was one big cheerleader for Suber finding a new home, the Times reports.

“My tax guy yelled at me because I had to pay so much in taxes. I understand that I signed up to pay the tax,” Suber said. “I’m not running from the taxes. We love San Francisco. It’s expensive, but it’s beautiful.”

In an interview last November with the Times, Suber estimated that being a San Francisco resident came with a hefty personal price tag: $750,000 in extra costs, by his calculations. In addition to California’s top individual income tax rate of 13.3%, which could head even higher next year, he also pointed to San Francisco property taxes and sales taxes.

There is a tipping point where, if enough high net-worth individuals leave San Francisco and Los Angles and given the current oppressive local and state governments, that the cities and sates become third world hell holes.


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