This is how it is bad for Austin:
The vast majority of employers are small businesses. While large employers moving and expanding in the area will create new, high paying jobs, it will also increase the cost of living in the city as those new, highly paid workers begin to buy homes and consume services. This will drive up property taxes and employees across all business sectors will need to earn higher wages to keep up with the costs. The young and the unskilled, including children of existing Austinites who are newly entering the workforce, will be forced farther and farther out into the surrounding areas, increasing traffic congestion, commute times, and lowering quality of life and the amount of time able to be spent with family and friends. Existing Austin employers, who are already having a difficult time finding workers, will now have to pay even more in wages and benefits, squeezing profit margins at a time when other costs, such as rents, will be rising. While it may be good for some local businesses that serve primarily the local economy, the inflation will hurt those that operate in Austin but sell their goods and services elsewhere.
The lack of affordable housing is already one of the largest issues facing the city. The people that work in the restaurants and grocery stores, or the teachers that educate our children will be further displaced, as they won't be able to afford to live near the areas in which they work. We will start to see more movements around the "fight for $15" and other initiatives to provide a living wage for these types of workers. Living in Austin will become like living in Seattle or San Francisco. Small, cramped spaces for enormous rents.
Lastly, where is all the water going to come from? Our ground-water supply is not an inexhaustible resource. The aquifers are not recharging as quickly as we are depleting them. Water shortages and rationing could become a part of our daily lives if we don't take action and start building the necessary infrastructure.
Pandora's box has been opened and there is no going back at this point. The least we can do is try to be thoughtful as a city and community about planning and gating the growth of our hometown, including the incentives and timelines we offer to major employers such as Apple.