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The only negative I know of is Austin's tremendous growth and the awful traffic that goes with it. It has become a fact of life in Austin.
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Amen, traffic sucks worse than any other city I've been.
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The only downside I can find is that people are sometimes obnoxious about being *from* Austin, but then again, you get that in most popular US cities
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There's a reason for it.
1) Austin up until the '90s was a tiny city, then Dell started there and it became a second Silicone Valley. The city grew 4x faster than roads could be built, hence the traffic problems.
2) Too many Californians moved here. No, it's not a joke. We got flooded with the self-involved and arrogant Californians who wanted their lifestyle to go here. This is still Texas, we're plenty prideful enough and liked things the way they were.
*Disclaimer* I used to live in California, don't take offense. It's just true.