Powerful? Yes, but this is supposed to be balanced by the level-adjustment. How well this works in practice I have no idea.
But remember that a level 1 fighter air genasi should be compared with another with same amount of xp. That means a level 2 fighter! (if for example human). This level difference is supposed to offset the more powerful race.
Note: If your DM are starting the campaign from scratch with 0xp characters you can't become a genasi because you need at least 1000xp.
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/Zorac
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