1/ The SF, Austin, Miami debate represents the beauty and strength of American Federalism - A/B testing different versions of American capitalism. 2021 experiment dramatically accelerated by COVID / zoom / WFA; end of SALT; polarized state / city response.

2/ A persistent hybrid Work from Anywhere tech world has dramatically reduced friction to move - a “great reshuffling” in how we want to live our lives - unleashing the largest economic migration in modern history. Lower friction accelerates underlying trend.

3/ The deductibility of state taxes (SALT) artificially mitigated the difference between state tax regimes. Tax payers in the rest of country subsidized CA and NY where locals could deduct half their taxes. End of SALT dramatically increased the real cost of living in CA / NY.

4/ Twitter has become a direct marketing platform for the Mayors of Austin and Miami to befriend CEOs, Founders, Investors who are shocked to find a government willing to partner with industry rather than demonizing and regulating. @FrancisSuarez @rabois

5/ As we end 2020, recognizing that that different states and cities will win / lose from this Great Reahuffling (ht @Rich_Barton ), I am optimistic that our country as a whole is winning. Freedom of states to design and citizens to vote w their feet is a beautiful thing...