Stephen Ross Says It's Difficult to Do Business in California

Watch Stephen Ross Says It's Difficult to Do Business in California - Bloomberg on Dailymotion

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00:00So it's interesting you said the next Silicon Valley. I mean I think a lot of

00:04the industry here has historically been finance centered. I mean why why do you

00:08see this becoming a tech hub? Obviously you have the service now you know big

00:13big tenant happening but what else do you see and why does it make sense for it

00:17to be here? Well I mean it makes sense when you see what's going on in

00:21California. I mean when you talk to the tech investors there, the venture capital

00:29firms. Doing business in California has there's so many restrictions. It is so

00:36difficult and so much added cost and you know corporations go where business you

00:43know they can operate they can make profits and government has the least

00:47amount of interference and today look at in California they're debating if

00:53there's going to be a billionaire's tax. Yes. You know I mean that's frightened

00:57every person that's there is but it's just what California has become and so I

01:04think you see the flight from California a lot of it's gone so far to Austin to

01:10Texas, Dallas, Denver, certainly Tennessee and North Carolina. But Florida you know when

01:24you look at Florida as a business state it has so many advantages so and I think

01:30that you know it's a lot like when you look at San Francisco and you know how did

01:36Silicon Valley happen? I mean it happened because of the financial resources in San

01:43Francisco and Stanford University and it became and you saw Silicon Valley with the

01:49government with the Defense Department really looking for that technology that

01:54really you know kind of grew our country and so and then you look and see where

02:00California is today and you know people who are the venture capitalists and you

02:06know kind of like want to out want to get out of California because of the

02:10restrictions are there, the taxes, the cost of doing business there, the cost of

02:15living there and so this is what's really opened up opportunities for other

02:21states you know across the country.