We can all agree housing isn’t affordable for the masses in the Bay. We can agree it would make financial sense from a pure cost accounting perspective for companies to move to cheaper locations. Can it make sense revenue perspective? Are there not talented folks living outside the major tech hubs that can do a majority of the grunt work only to leave the visionary minority to dream up the next big thing in the valley? That’s been happening in finance for years. Why not tech?? https://www.cnbc.com/2017/12/27/silicon-valley-will-soon-see-mass-migration-redfin-ceo-says.html
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This has been happening in finance for years?! Last time I checked Manhattan/NYC was still the financial capital of the world, by far.
Check Salt Lake City, Jacksonville Florida, Omaha ne to name a few. The brains are in NYC. The grunt work has been moving out for years.
And how does one convince himself that he is a grunt and not a brain. Maybe finance guys can but tech ppl are way too egoistic.
Same story when Sunnyvale 3b2ba Eichler homes were topping an astounding 300k... oh no, it had to stop...
Makes for a clikable headline and would be fantastic if true but how many people will leave a coast and proximity to the ocean for cheap housing? Sv has been more expensive than average cities forever, nothing has changed now except that the wealthy are even wealthier.
Everyone except tech. Last month teachers in kids school were protesting.
@public: how’s the NASDAQ doing ?
LOL!!
Exactly what I was posting in another thread. If Silicon Valley was immune to correction then 2008 would have never happened. Wait and watch. When the correction happens the investors flee. Its funny how people see two recessions and still think that “this time it’s different 😂”
Were you here in 2008? Not much happened. Housing prices flattened. Rates were lowered and start ups gained access to cheaper cash.
Look at the graph for 2008 fall in San Jose ... you think prices only flattened 😂
Why is Citibank on Blind?
Huh now I am noticing there’s a lot of financials on here. When did that happen?
I’ve seen Capital One and GS and a couple others around for months.
I wonder if HQ2 and apples new addition could be a catalyst for the 'mass migration' to really begin.
A mass exodus might be an exaggeration but it certainly isn’t going to be easy to draw as much talent as before when you can effectively make more (adjusting for COL) in cities like Chicago, Nashville, Denver, and Austin doing similar work.
Is the TC there? I got a 50% raise in base moving from Austin to CA. Maintained same COL, just gave up a spare bedroom.
Meaning you got less for the same amount of money. I’m not saying it’s not worth the trade off—people will weigh lifestyle, culture, affordability of housing, schools, etc. differently and nobody has the same set of circumstances—I’m simply pointing out that if you’re using CPIs, entry-level to mid-level salaries in the Bay Area can’t keep up. You’d have to make $130-$140K in San Francisco to be in a similar financial situation as you’d be in if you made $85-$90K in Chicago, $70-$75K in Nashville, or $65-$70K in Detroit.
God I hate silicon valley so much
I have been hearing this for quite a while now.
Super long time. I agree. There’s got to be an inflection point. At the end of the day all shareholders care about is their return on investment. 99% of them don’t live here and couldn’t care less if sf Bay fell into the sea as long as it doesn’t impact their returns.
Well SF Bay area has gone through corrections regularly though. But there wasn't a drop that ppl were expecting, just flat lining.