San Francisco leaders believe that a significant flight of technical staff could have a “powerful” impact on the city’s economy in the coming years due to the city’s remote work opportunities.
In a report detailing the city’s five-year financial plan, officials pointed to “dramatic evidence of exclusion” – including 25% year-on-year decline in apartment prices – heavily focused in areas where technical staff Use to live.
“This suggests that office workers, remotely working groups, are the groups leading the exodus, not low-paid workers who are more likely to be unemployed,” the researchers wrote. “Out-migration, and not just working at home, is another result of a shift toward remote office work during the epidemic.”
Although some companies – such as Twitter and Facebook – have committed to permanent remote work flexibility, it is unclear what percentage of other workers will be asked to return to office when the epidemic subsides.
San francisco text review plane points to resident exodus
San Francisco leaders are warning that if workers are not required to return to their city office buildings, it could have a “serious” impact on the local economy.
“Private sector office activities that increase the entire city’s economy and the city’s tax revenue search the city to use and build the workforce from highly skilled and specialized labor living in the Bay Area,” the leaders said. “If it is not physically necessary to bring workers to city offices – or for those workers to live in the Bay Area – then the consequences for the regional economy could be severe.”
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The city previously announced a 43% year-over-year decline in sales tax revenue during the pandemic, which was attributed by San Francisco chief economist Ted Egan to the flight of individuals from the city, rather than a drop in activity due to the pandemic.
Egan told Fox News that while areas across California experienced declining sales tax revenue, other cities saw a surge in online sales – but San Francisco did not.
Data from the moving company United Van Lines listed San Jose, California as one of the cities that saw the largest outflow of movers in 2020.
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