The boom in the tech economy and population in the San Francisco Bay area has led to a potential change within neighborhoods in San Francisco. For example, many tech-savvy people want to live in an urban setting, as opposed to living in Gonzales or Greenfield. An urban setting in a walkable community offers more convenience, including the ability to walk, use public transportation, or use taxis, which is important for individuals without cars.
For Google and Facebook employees in San Francisco, transportation service is available for free to commute from San Francisco to their offices in Silicon Valley. While the evolving setting in San Francisco creates a variety of opportunities, including the unemployment rate of 4%, it also creates some downsides. For example, housing is increasing rapidly with minimal property lasting more than one day on the market. This means lower-income individuals are being forced out of the city because they can’t afford to live in the area anymore.
Essentially, neighborhoods will be improved by the tech revolution, but the improvement comes at a social cost: as the old saying goes, “overbuying at the top raises the price of admission at the bottom”. Many people are being forced out of areas that were somewhat affordable prior to the changes in the San Francisco Bay area.
To learn more about the San Francisco tech revolution, give us a call at (831) 753-7677 or send us an email at [email protected]. Alvarez Technology Group can help you stay up to date on the potential changes to neighborhoods in San Francisco.
