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Remote work is reshaping San Francisco, as tech workers flee and rents fall

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Re: Remote work is reshaping San Francisco, as tech workers flee and rents fall

#471

Post by paganel »

johnyzee wrote: post #448
ravenstine wrote: post #47

Putting any valid criticism of this article aside, anecdotally, I know a bunch of people who have either left or are in the process of leaving California in the last few months. One of them just left SF. In other news, one of my cousins is seriously working towards moving out of NY. 3 of my team members have moved to smaller parts of the country. Simply speaking, my gut tells me this isn't just about San Francisco. T…

This is a real and global trend. Same thing is happening in European capitals right now. People, especially singles and young couples, are wondering why they are paying a huge portion of their income in rent in order to be in the city, when they can't go out anyway. Almost all big companies are working remote. If you are not too tied down, it's obvious to make the move. I don't think most people realize how similar t…

> when they can't go out anyway.

I live in such an European capital city (Bucharest) and in fact we can go out to meet our friends and the like, outdoor restaurants and coffee shops are open (they have been since the beginning of June), parks are open. Yes, concerts are still heavily restricted (some do happen, but only outdoors and with a limited number of spectators) and of course you cannot attend any sporting event just yet, but that's pretty manageable.

Re: Remote work is reshaping San Francisco, as tech workers flee and rents fall

#472

Post by ptmcc »

reaperducer wrote: post #456
dclusin wrote: post #6

I got a job offer from Capital One several years ago in Richmond, VA. I liked the location and the company but my current gig is paying over twice as much in San Jose, CA. I just don't see this panning out on a large scale once people realize that their paychecks will also drop significantly when they move away.

I just don't see this panning out on a large scale once people realize that their paychecks will also drop significantly when they move away. If you didn't do a basic cost-of-living comparison, then it's probably good that you didn't go work for a bank.

2x+ comp for a SWE in San Jose vs Richmond almost certainly still comes out ahead in annual net worth gain.

Re: Remote work is reshaping San Francisco, as tech workers flee and rents fall

#473

Post by Bud »

fiblye wrote: post #346
baron816 wrote: post #327

Earlier quoted context omitted.

Alternate experience: I just moved into SF a week ago from elsewhere in the Bay. I was able to get a large, modern, luxury 1BR in a decent location for under $3K + almost a 1 month concession and no deposit. Being a single, young(ish) guy, it still makes sense to be in a city. I have more space than I need now, and I can afford the rent. Maybe things aren’t that nice right now, but I’m hoping they’ll get back to semi…

> I was able to get a large, modern, luxury 1BR in a decent location for under $3K This sounds like a joke about just how absurd SF rents are.

Only if you don't know how many more jobs there are in SF that pay well enough to afford that than there are in other places.

Re: Remote work is reshaping San Francisco, as tech workers flee and rents fall

#474

Post by Mandatum »

x87678r wrote: post #416
josephg wrote: post #386

Earlier quoted context omitted.

Only because of how insane housing in SF is. For comparison I own a 2br apartment in Melbourne, Australia. It takes about 15 minutes to walk from here to the heart of the city. My mortgage repayments (including interest) are about $700usd/month.

> My mortgage repayments (including interest) are about $700usd/month. Melbourne is not cheap, there must be more to this story. The average house price in Melbourne is $855,428. A $600k unit, 20% deposit, 25y mortgage, cheap 2% rate is $1.4k or USD 1k. + strata fees

Yeah, this person lives in a shoebox in the outer suburbs. We pay double that for a 1920s apartment (so very spacious, but cheap) in a suburb walking distance from the CBD, right next to a tram line.

Re: Remote work is reshaping San Francisco, as tech workers flee and rents fall

#475

Post by Redoubts »

deepakhj wrote: post #276
fermienrico wrote: post #170

San Francisco (and the general bay area) is one of the shittiest places in the US I have ever lived. Not because there is trash everywhere, the infrastructure is crumbling, the goverment is dysfunctional, the housing mafia won't let high rises rise and provide public transportation for higher density - all these things are true, but mainly because it stays shitty in this feedback loop - more talent leads to more comp…

Maybe the problem is you and not the Bay Area.

No, it's the Bay Area.

Re: Remote work is reshaping San Francisco, as tech workers flee and rents fall

#476

Post by mcphilip »

seanmcdirmid wrote: post #324
justchilly wrote: post #181

Earlier quoted context omitted.

If you make $250k in SF (sounds high, but about average for the people I know that are leaving SF), state income tax alone is $19,996. If you make that in Texas, state income tax is $0. That $20k/year is for many people a bigger deal than the cost of living. Most people I know leaving were home owners or rent controlled. Source: moved to Austin in June.

$20k/year to live in Austin, I think my AC bill would eat all that up. But there are other places that don’t have state income tax, like Seattle.

I assume you’re being sarcastic but I’ll give a datapoint anyways. Small home in Austin, ~1400 square feet, costs a little over $200/month in the summer and I keep it a nice cool 71 degrees 24/7. Low to mid $100s the rest of the year. I don’t have any notable shade coverage, either.

Re: Remote work is reshaping San Francisco, as tech workers flee and rents fall

#477

Post by ipqk »

megaframe wrote: post #384
captaincole wrote: post #102

I am living in SF now and this confirms a very clear pattern that I have seen emerging, particularly of tech workers. I would say that >50% of the people I know who were living in the city have left, or are in the process of leaving. Some examples (there are countless): 1) All three of the roommates that I had are choosing to leave either permanently or temporarily. 2) A friend who works for google who is going on a…

Similar observation, on my tiny stretch of street I've seen 7 moving trucks since SIP started, far more than I've ever seen. I get it, If you just moved or been here 1-2yr I'd leave too, the costs would make no sense. I'm right on the fence. I've been at my current place ~6 years, prices have just started to get to about what I'm paying (rent controlled). I'm hoping it drops some more so I can negotiate a reduction.…

Having worked remotely in central Europe for an SF-based company, the hours really kind of suck.

Re: Remote work is reshaping San Francisco, as tech workers flee and rents fall

#478

Post by [deleted] »

luma wrote: post #23
bluedevil2k wrote: post #18

It’s odd they don’t mention the sky high taxes in California as a driving force for the exodus and the fact the Gavin Newsom wants to raise them even more to cover Covid shortages. There’s only so much you can squeeze out of people before they’ll pack up an go.

Wouldn't this then also be true of LA or San Jose, both mentioned in the article? It feels like you have a politcal axe to grind and came here to the comments before reading the article.

[deleted]

Re: Remote work is reshaping San Francisco, as tech workers flee and rents fall

#479

Post by askafriend »

baron816 wrote: post #447
akavi wrote: post #395

Earlier quoted context omitted.

> right between those two neighborhoods So, in the tenderloin? Suddenly not a great deal.

Not quite the Tenderloin. It’s technically Civic Center. Yes, there’s plenty of homeless around, but that’s just SF, right?

> but that’s just SF, right?

No absolutely not. It's literally only a problem in Civic Center/Downtown/SOMA.

Closer to Golden Gate Park / Pac Heights is gorgeous.

Re: Remote work is reshaping San Francisco, as tech workers flee and rents fall

#480

Post by baron816 »

Redoubts wrote: post #459
baron816 wrote: post #327

Earlier quoted context omitted.

Alternate experience: I just moved into SF a week ago from elsewhere in the Bay. I was able to get a large, modern, luxury 1BR in a decent location for under $3K + almost a 1 month concession and no deposit. Being a single, young(ish) guy, it still makes sense to be in a city. I have more space than I need now, and I can afford the rent. Maybe things aren’t that nice right now, but I’m hoping they’ll get back to semi…

> Being a single, young(ish) guy, it still makes sense to be in a city. A city, yes. SF? No. By far it's the worst place for this I've ever seen.

> By far it's the worst place for this I've ever seen.

San Jose is worse. As was the suburb I just moved from. But, yes, point taken.

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