Part of it is incentives to do so by the demand side. Why is chinese wealth fleeing from china? Because they don't feel stable & safe to do so in china. NYC

Part of it is incentives to do so by the demand side. Why is chinese wealth fleeing from china? Because they don't feel stable & safe to do so in china. NYC & SF money is more likely to flow into austin because of the relatively recent price spikes in their local areas and so on. These expensive place export their own problems in a sense.