The heart of the nation’s tech sector, the astronomically expensive Santa Clara County, leads the state in residents looking to move out of town, a new report found.
Using property searches and census data, analysts found that a larger share of residents are leaving Santa Clara County — home to tech behemoths Google and Apple — than any other county in California.
Nearby San Mateo County, where Facebook is headquartered, came in second, just ahead of Los Angeles County.
“They’re looking for affordability and not finding it in Santa Clara County,” said Danielle Hale.
The Bay Area has long been a costly place to live, but a tight housing supply has pushed rents and real estate even further out of reach for all but the most affluent residents.
Low- and middle-income families and younger workers unable to find apartments or houses they can afford have been forced further afield, a trend that has led to ultra-long commutes, perennially clogged freeways and people fleeing the state in ever increasing numbers, reports Business Insider.
The crisis has inspired a flurry of state legislation to spur enough new housing construction to slow and eventually lower prices, including a sweeping proposal to add millions of homes by public transit. It died in April, but its author, Sen. Scott Wiener, D-San Francisco, has vowed to try again next year.
Silicon Valley is experiencing the beginning of an exodus.
Members of the tech elite from Peter Thiel to Tim Ferriss are leaving San Francisco and the peninsula to the south — still the global hub of tech finance and innovation — to escape the self-described groupthink and arrogance of the Valley.
A recent article in The New York Times declared, “Silicon Valley is over.” The author followed a dozen venture capitalists on a three-day bus trip through the Midwest, in pursuit of hot startups in underrated areas of the country. They marveled at the cheap home prices in cities like Detroit, Michigan, and Madison, Wisconsin, compared with the extreme cost of living in the Bay Area.
San Francisco lost more residents than any other US city in the last quarter of 2017, according to a report from real-estate site Redfin. Data suggests the great migration is far from over.
Last month, 49% of Bay Area residents said they would consider leaving California because of the cost of living, according to a survey of residents by public-relations firm Edelman.
Mr Americana, Overpasses News Desk
June 1st, 2018