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It is better to optimize your exit options for the best companies located where you want live in the future. If that means focusing on other industries for which your city is known for, there's no need to feel guilty for ignoring FANG. I too have no desire to live in California, so why bother even considering jobs there?
Go for the one where you see yourself in 5 years. If one of the factors will rule one option out, you'd probably be more successful in the medium term at the other
If the positions you're open to doing at Facebook are not in your dream/main city location, then it seems like an easy choice? You can either leave Austin for your desired FB role, search for FB roles in Austin, or take the other job
Thank you all, much appreciated!
1. Austin is your main choice for living situation (you have no desire to live in California)
2. Facebook is your dream employer, but the position is not a viable in their Austin office
3. You have already extended your job offer deadline and the start date is crucial to receive proper training