San Francisco has seen an exodus of residents and businesses since its pandemic lockdowns, including from its critical tech industry. But news data shows AI could be bringing it back.
Recovering addict-turned-activist Tom Wolf discusses solutions to San Francisco's drug and homelessness problems on Varney & Co.might restore it for a third "Gold Rush."– were brought on by its stringent and extended COVID-19 lockdowns, which caused the California city's tech-heavy workforce to jump into remote work with both feet.
In its last report on the topic in March 2022, the organization wrote on its website, "Of course, some of the forces driving this phenomenon—remote work and the growing appeal of cities beyond San Francisco—predate 2020. Few can argue, however, that the pandemic has accelerated these trends. What we’re seeing today is nothing short of a mass migration of tech companies and tech employees outside of the San Francisco Bay Area.
Sf.citi pointed out that in 2021, the Bay Area's proportion of venture capital investments plummeted to its lowest point in over a decade, noted that San Francisco is the most expensive city in the U.S., and criticized the progressive city's "three substantial tax increases on the tech and business community" in 2020 alone.
Sf.citi linked the tech exodus last year to steep increases in vacant office space, which is an ongoing problem for the city.
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