Tech titan Keith Rabois announced this week that he is leaving California’s Silicon Valley and moving to the Floridian metropolis of Miami.
“I think San Francisco is just so massively improperly run and managed that it’s impossible to stay here,” he told Fortune’s Robert Hackett.
The 51-year-old New Jersey native has lived in the Bay Area for 20 years. He pointed out that many have taken similar actions over the past couple of years.
Rabois explained that the pandemic gave him the push he needed to get out the proverbial door — noting any hesitancy was “more psychological than real.”
In addition, the investor explained that he had observed Americans’ changing habits over the course of the year, asserting that residents of heavily-populated and pricey cities have been exposed to the “downsides” of urban life during the pandemic.
“Bay Area searches for rent are in free-fall, they’re down like 30%,” Rabois added.
“It’s very clear right now, people are shifting their preferences pretty massively,” he said, though noting attitudes could shift once a vaccine is introduced to the public.
A remote work environment has also played a role, with workers in hubs like New York City opting for cheaper rents as long as they are allowed to work from home. Many companies are making that option permanent.
However, census data reportedly shows that 5.4% fewer people left California last year for other states.
Nevertheless, Rabois said he’s headed to the warm climate of Miami. It’s currently 78 degrees there and just 58 degrees in the Golden Gate City.
“Miami is an incredibly beautiful city, cosmopolitan, has an interesting mix of New Yorkers, Latin Americans, and Europeans,” he told conference members.
“Living in the Bay Area for 20 years, it’s just like, all the things you wish you had,” Rabois concluded.