Does it affect locals negatively when a new company moves in? I want to specifically discuss Dallas,TX if possible but a broader answer is still appreciated.

Ever since Toyota and State Farm moved to Dallas, among others, the housing prices have sky rocketed to unreal proportions. Rent prices are at least $200 more than 2 years ago. Houses are about 40% more expensive from 5 years ago.

They say that this is great economic growth for DFW but is it really? How do the locals adapt to this economy? No longer are they building houses in the 200s or 100s. Anything in the 100s is 30 years old and minimally updated. 

Are the incoming employees keeping their California wages, causing this inflation? I know for a fact those who sold their homes come in overbidding for much more because in their perspective the houses are cheap.

But what is going to happen to the locals? Will the companies have to raise wages to keep market? Or are local people buying homes on salaries that cannot afford it and wages not go up and cause a crash?

What usually happens in this scenario?
This is a very unique situation in Dallas/North Texas. This is the absolute worst economic growth possible for locals. Here are two key elements to look into:


Wages are fairly stagnant in DFW. This paired with 40-50% home/rent increases is the first warning sign.
Re-assessed tax values - expect numerous foreclosures in the next two years. Many people are purchasing homes without even thinking about the fact that many cities in North Texas have property tax rates of nearly 3%. While mortgage companies are quoting "monthly payments" based on the previous year's taxes paid on those properties (many of which are capped by homestead exemptions and have been for decades), once taxes are reassessed the following year, their payments will spike significantly. Here is an actual example from Sachse, Tx : 


Total monthly payments on a 240k home for the last 6 months of 2016 were 1,536. The family accounted for this in whether or not they could afford this home. Their payment after the new tax appraisal is 1,860 per month. That is a $330 increase that they were unaware of and can no longer afford, as they purchased on the upper end of their budget. Expect to see this across the board, even as those from locations such as California will be paying more than the California state average for monthly house payments. 

The average monthly payment in California was 2,542 on a 480,000 mortgage. Their annual property tax on average was 2,500. A 480,000 mortgage in Sachse, Tx with 10% down would currently run you about 3,640 per month with an annual property tax of 14,000. (Sheds a little light on the 'but we don't have a state income tax' argument, and how invalid it truly is. They pay the state income tax in the form of double/triple many other states' property tax.)

Beyond this, North Texas has room to expand, significantly. While the heart of Dallas may reach its limit and increase in price exponentially, the suburbs will likely take a large hit in value once construction begins to catch up. The home values are already overheated, and this is, by definition, a housing bubble. 

My best guess for when it will pop is around 2018-2019 when we begin to see delinquent payments. Anyone purchasing a home between 2016-2017 in North Texas may be upside down for 5-10 years.