Austin Celebrates as Tesla Establishes New Headquarters

Austin, Texas has done a good job of inviting big industry to the city, recently snagging Tesla’s ($TSLA@US) new headquarters. Other tech firms like Apple ($AAPL@US), Alphabet ($GOOGL@US), and Oracle ($ORCL@US) have built new campuses in the Texas capital, bringing jobs and tax dollars. However homeowners are concerned they’ll be priced out of the “weird college town culture” they’ve come to love. Home prices in Austin have risen 40% over the last 2 years with the median home price sitting just under $550,000. Moreover, out-of-state buyers have been buying homes in cash for more than the asking price. This past summer, 3 out of every 4 homes sold in the area went above the asking price. Tesla also suffered early Monday as its stock dropped over a percent ahead of its quarterly earnings report.