SF Bay Area gets so expensive that even financial giants gets gentrified.
Rational economic actors going to act. Why be in SF just for the novelty if you can go somewhere cheaper.
Disclaimer: Schwab customer
Schwab Leaves San Francisco for Texas
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Re: Schwab Leaves San Francisco for Texas
#12I just moved to the Bay Area and I have no good opinions about living here. It’s a 3 trillion dollar neighborhood that has broken infrastructure, an abysmal housing situation, crime through the roof, homeless people everywhere, traffic, outrageous costs and just generally an awful place to live. I don’t know about the business side, but from an employee standpoint, fuck the Bay Area. Oh, and my car got broken into tw…
Sometimes I wonder if there’s a funded campaign against the Bay Area online. Where do you live, and where did you come from? I just moved to SF and yes it has homeless people, traffic and is extremely expensive, but these are things that every other big city I’ve lived in has. The costs and homelessness are worse than Seattle or NYC but not to the point that it’s a reduction in my quality of life. To say you have “no good opinions” is so extreme. The area is beautiful, has a rich history, amazing culture, food and art, and if you work in technology has the best availability of jobs in the world.
Re: Schwab Leaves San Francisco for Texas
#13> The company said Monday that “a small percentage of roles may move from San Francisco to Westlake over time, either through relocation or attrition. The vast majority of San Francisco-based roles, however, are not anticipated to be impacted by this decision. Schwab expects to continue hiring in San Francisco and retain a sizable corporate footprint in the city.”
Doesn't sound like they are leaving San Francisco, just building a new office in Texas (suburb north of Fort Worth).
Re: Schwab Leaves San Francisco for Texas
#14To where in Texas are they moving? The non-paid version of the WSJ article doesn’t say. I keep hearing that in massive influx of tech companies to the Austin area has driven up housing rates and congestion to absurd levels. Probably won’t be long before tech companies skip Austin for cities like Dallas, Houston, and San Antonio.
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Re: Schwab Leaves San Francisco for Texas
#15> The company said Monday that “a small percentage of roles may move from San Francisco to Westlake over time, either through relocation or attrition. The vast majority of San Francisco-based roles, however, are not anticipated to be impacted by this decision. Schwab expects to continue hiring in San Francisco and retain a sizable corporate footprint in the city.” Doesn't sound like they are leaving San Francisco, ju…
They're moving HQ and refraining from growing headcount here in the future
Re: Schwab Leaves San Francisco for Texas
#16[deleted]
Re: Schwab Leaves San Francisco for Texas
#17I just moved to the Bay Area and I have no good opinions about living here. It’s a 3 trillion dollar neighborhood that has broken infrastructure, an abysmal housing situation, crime through the roof, homeless people everywhere, traffic, outrageous costs and just generally an awful place to live. I don’t know about the business side, but from an employee standpoint, fuck the Bay Area. Oh, and my car got broken into tw…
If the exodus goes from a trickle to a torrent, the city budget propped up by property taxes is going to crater. Whatever problems there are now with homelessness, imagine what it will be like when social services can no longer be provided for them. San Francisco is a ship that lost power to its engines while coasting towards an iceberg.
If housing costs are a problem. They have too many people moving there and not leaving. All major cities in California has the same issue that people keep moving here and driving up housing cost and causing more traffic.
Re: Schwab Leaves San Francisco for Texas
#18This is part of Schwab's merger with TD Ameritrade. Relevant bits from Schwab's FAQ [1]:
Q: Where will the combined company be headquartered?
A: As part of the integration process, the corporate headquarters of the combined companies will eventually relocate to Schwab’s new campus in Westlake, Texas. Both companies have a sizable presence in the Dallas-Fort Worth area. This will allow the firm to take advantage of the central location of Schwab’s new campus as the hub of a network of Schwab branches and operations centers that span the entire U.S., and beyond.
Q: What does the headquarters move mean for the future of Schwab’s presence in San Francisco?
A: Schwab was founded in San Francisco and has maintained a longstanding commitment to the Bay Area, which will continue. A small percentage of roles may move to Westlake over time, either through relocation or attrition. The vast majority of San Francisco-based roles, however, are not anticipated to be impacted by this decision. Schwab expects to continue hiring in San Francisco and retain a sizable corporate footprint in the city. Any additional real estate decisions will be made as part of the integration process, over time.
Re: Schwab Leaves San Francisco for Texas
#19Welcome to the Lone Star State! Cheap real estate and friendly folks. And BBQ, metric tons of BBQ...
Westlake does not have cheap real estate.
Re: Schwab Leaves San Francisco for Texas
#20I just moved to the Bay Area and I have no good opinions about living here. It’s a 3 trillion dollar neighborhood that has broken infrastructure, an abysmal housing situation, crime through the roof, homeless people everywhere, traffic, outrageous costs and just generally an awful place to live. I don’t know about the business side, but from an employee standpoint, fuck the Bay Area. Oh, and my car got broken into tw…
Sometimes I wonder if there’s a funded campaign against the Bay Area online. Where do you live, and where did you come from? I just moved to SF and yes it has homeless people, traffic and is extremely expensive, but these are things that every other big city I’ve lived in has. The costs and homelessness are worse than Seattle or NYC but not to the point that it’s a reduction in my quality of life. To say you have “no…
> Sometimes I wonder if there’s a funded campaign against the Bay Area online.
By whom and to what end? Has it occurred to you that some people just don't like living there? Not everyone you disagree with is a paid shill.