Tech cities thrive at expense of property prices

Global Business

Technology companies have fueled huge growth in places like Silicon Valley and Austin, Texas. But does the growth come at the expense of many people who help make those cities function?

Are some of those cities becoming victims of their own success?

CCTV America’s Hendrik Sybrandy reports.

Tech cities thrive at expense of property prices

Technology companies have fueled huge growth in places like Silicon Valley and Austin, Texas. But does the growth come at the expense of many people who help make those cities function? Are some of those cities becoming victims of their own success? CCTV America’s Hendrik Sybrandy reports.

Google is one of a number of companies now building in the U.S. city Boulder, Colorado. Its new 4-acre campus could house 1500 employees eventually.

Boulder Chamber President John Thayer said for the past decade, Google has pumped tax dollars into the area and been a net plus here.

It is a pretty picture for those who want to stimulate a city’s economy but as often happens what appears like progress to many, is a bit less attractive to others.

High price becomes a common complaint. The average price of a Boulder home now tops $1 million. Rental properties have become quite costly too. With limits on construction in the city, as demand has taken off here, so have prices.

And It’s a dilemma other tech-rich U.S. cities are also facing, that whether a rising economic tide can lift everyone.