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Is Bay Area losing its luster?

By tovarichpeter   Jun 2, 2:01pm   2 links   391 views   10 comments   watch (0)   quote      

http://www.eastbaytimes.com/2017/06/02/is-the-bay-area-losing-its-luster-workers-move-to-more-affordable-cities/

47 amFacing competition from cities where it’s cheaper to live, the Bay Area isn’t the talent magnet it used to be, a report released by LinkedIn on Friday shows.The net number of workers moving to the region dropped 17 percent from February to May. But other cities such as Seattle saw that figure jump 2 percent during that same period.

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1   joshuatrio   54/55 = 98% civil   Jun 2, 2:31pm  ↑ like (2)   ↓ dislike   quote    

I think so. Back when I did work in the bay area, I was on a team of 8 network engineers. 4/8 have left for other states due to cost of living in the last year.

2   BayArea   379/379 = 100% civil   Jun 2, 2:37pm  ↑ like (2)   ↓ dislike   quote    

Great weather and climate never loses it's luster.

Can cost of living get so high that it off-sets all the benefits of living here? Sure, and we are most certainly at that point for many people.

Correct me if I'm wrong, but more are still coming than are leaving the Bay Area. As long as that's true, it's hard to argue that the Bay Area is losing it's luster.

3   BayAreaObserver   668/668 = 100% civil   Jun 19, 6:59am  ↑ like (3)   ↓ dislike   quote    

San Francisco Bay Area Sheds Jobs and Workers.

Don’t get me wrong. The Bay Area isn’t “collapsing” at this point. When you walk around in certain parts of San Francisco, you see tourists in astounding numbers. It’s still tough to get into popular restaurants though the other Saturday we were able to get a reservation for 8:30 PM, peak dinner time, by calling two hours ahead.

Traffic is still a nightmare seven days a week. Home prices in San Francisco, after flat-lining for two years, suddenly spiked in May to another crazy record. Commercial real estate is hanging on by its teeth to sky-high prices, though apartment rents have dropped from their peak.

But there are a surprising number of shuttered retail shops and restaurants, including some favorites. Landlords have become too greedy, and when they jack up rents at lease renewal time, the equation no longer works for the business. This doesn’t mean business is bad. It means commercial rents are too high. This has been duplicated in the office sector. There is still demand, but a number of companies, including Charles Schwab, are sending jobs to cheaper states.

And when the work force is hightailing it though there are still plenty of jobs, it means that housing costs are too high. This is a universal complaint in the Bay Area.

In May, employment in San Francisco dropped to 542,600 jobs, the lowest since June 2016, according to the data released on Friday by the California Employment Development Department. The employment peak was in December 2016 at 547,200.

The labor force in the City fell to 557,600. That’s below March 2016! This confirms a slew of other data and anecdotal evidence: People and businesses are leaving. It’s too expensive. They’re voting with their feet.

More Charts and details etc. in the full article: http://wolfstreet.com/2017/06/17/san-francisco-bay-area-sheds-jobs-workers/

4   HEY YOU   837/837 = 100% civil   Jun 19, 9:32am  ↑ like   ↓ dislike   quote    

BayArea says

Correct me if I'm wrong,

Don't worry .You're in a good group,Patnetters.

5   Goran_K   415/415 = 100% civil   Jun 19, 9:40am  ↑ like (3)   ↓ dislike   quote    

BayAreaObserver says

The labor force in the City fell to 557,600. That’s below March 2016! This confirms a slew of other data and anecdotal evidence: People and businesses are leaving. It’s too expensive. They’re voting with their feet.

The big problem is those people priced out of SF move to cheaper areas, then they bring their "progressive" ideology with them, and vote in the same politicians, which leads to the same individual tax burdens, increased business cost, etc. e.g - Portland, Oregon ... Seattle, etc.

6   BayArea   379/379 = 100% civil   Jun 19, 2:40pm  ↑ like   ↓ dislike   quote    

BayAreaObserver says

after flat-lining for two years,

lol, if it takes two years, it's wasn't flatlining during that time...

7   goat   14/14 = 100% civil   Jun 19, 6:08pm  ↑ like (1)   ↓ dislike   quote    

Population is growing at a good pace in bay + most of ca. Also, ca govt forecasts of pop growth are pretty high over the next 20-30 years in bay area cities.
http://www.dof.ca.gov/Forecasting/Demographics/Projections/

Example for santa clara county:
2015 pop: 1,915,000
estimated 2040 pop: 2,443,000

My dad sold his house and left the bay about 30 years ago, saying the same thing about crazy housing prices and that he knew lots of people leaving. We know how that turned out.

I am genuinely curious about what effects the rapidly establishing alternative tech hubs, such as austin and seattle, will have on bay area price craziness.

8   APOCALYPSEFUCK_is_ADORABLE   1161/1161 = 100% civil   Jun 19, 6:19pm  ↑ like (3)   ↓ dislike   quote    

Millions of ASSHOLES! Most every company completely worthless scams racing to IPOs before the last batch of investor idiots figures out there is no business model, there is no vig, and the market will have a hernia laughing at the new issue prospectus. Brin and Page emptying the toilets out from their 747 in people's back yards when they go on dirty digger tours of Thailand. Thousands of raving homeless guys the mayor tries to tell everyone are docents. A studio condo surrounded by docents going for $3 million bucks and rents for coach space going into five figures. It's paradise.

9   rpanic01   147/147 = 100% civil   Jun 19, 6:43pm  ↑ like (1)   ↓ dislike   quote    

Every worker in the bay area that leaves is replaced by a homeless person from out of state, oh wait that's all of CA.

10   Strategist   1698/1703 = 99% civil   Jun 19, 7:12pm  ↑ like   ↓ dislike   quote    

goat says

My dad sold his house and left the bay about 30 years ago, saying the same thing about crazy housing prices and that he knew lots of people leaving. We know how that turned out.

I am genuinely curious about what effects the rapidly establishing alternative tech hubs, such as austin and seattle, will have on bay area price craziness.

I have always heard the same thing in So Cal that your dad heard in the Bay Area. The key variable is.....will population continue to increase? It looks like it will, and home prices will therefore continue to outperform inflation and the rest of the country. In my opinion, Seattle home prices will outperform major California cities.
Regions that attract lots of tourists, great weather, lots of things to do, have and will always be a magnet for people who want to live there. Regardless of how overpriced you may think home prices are, there are always more people who think it's a great deal.

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