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San Francisco Tech Firms See Workers Flee from $4,500 Rents

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Re: San Francisco Tech Firms See Workers Flee from $4,500 Rents

#251

Post by rconti »

humbleMouse wrote: post #196
timr wrote: post #186

Earlier quoted context omitted.

"a well-governed San Francisco could have positioned itself as the next NYC. The hub where all of tech gathers, the same way all of finance gathered in Wall St. Replace the 70 year old 2-storey homes with Manhattan style apartment buildings, and rent in San Francisco would have remained very reasonable, despite the rapid economic growth. This would have prevented exactly this problem where tech workers are forced to…

Funny you mentioned not being able to get a good meal after 9:30pm. That was the most frustrating thing about being in San Francisco for me. I hated that the whole bay seemed to shut down @10pm - almost as if everybody has to wake up the next morning to work another 12 hour day to pay the insane rent.....

I guess I always end up in the wrong parts of NYC because I kept finding that all the restaurants closed at 10pm (during the week, at least)... say, in Chelsea.

Re: San Francisco Tech Firms See Workers Flee from $4,500 Rents

#252

Post by nicholasjarnold »

nostrademons wrote: post #164
jrjarrett wrote: post #80

Earlier quoted context omitted.

Who are these people and where are they getting that kind of cash?

(Not OP, but know several people that do this sort of investing...) It's a combination of 1.) Wealthy Asian businesspeople who are looking for a place to park some of the foreign reserves they own overseas. 2.) Hedge funds, investing institutional capital in relatively "safe" investments with guaranteed revenue streams. 3.) Corporate prop-trading desks, parking corporate profits in tax-advantaged long-term assets unt…

Came back to confirm that I have personal 2nd-party knowledge of your #1 happening all over Colorado. A wealth management friend of mine said she has multiple very wealthy foreign clients that want to diversify in what is seen as a safe investment, and who obviously purchase these properties with cash. Also, the cohort does seem to be disproportionately of Asian decent.

Re: San Francisco Tech Firms See Workers Flee from $4,500 Rents

#253

Post by rconti »

kbenson wrote: post #212
physcab wrote: post #184

Earlier quoted context omitted.

This is true. My sister is a civil engineer on the SMART train - supposed to have been light rail from Fishermans Wharf all the way to Santa Rosa. The Golden Gate Bridge actually has a railway line below it that hasn't been used. But the train will only go to Larkspur ferry because Marin disallowed it.

Even then, it's not going to make it to Larkspur until later, phase 1 only makes it to downtown San Rafael (but there's supposed to be a free bus from there to take you to the ferry). As someone who lives in Santa Rosa, having something that connected directly to SF or BART from up here would be awesome (even if not really feasible). My brother lives here as well and he commutes to the Embarcadero for work. I'm not j…

From Santa Rosa? That's, like, Morgan Hill to SF commute levels of craziness.

Re: San Francisco Tech Firms See Workers Flee from $4,500 Rents

#254

Post by justinhj »

msoad wrote: post #243
msoad wrote: post #235

I live in a high rise in SF and pay $4400 for a one bedroom. Although it sounds expensive but it's like $800 more than the least expensive place we could find near this place but it's a well built apartment with lots of amenities. I thought about moving out of SF but I don't have any social connection outside of San Francisco. Plus weather is very nice here and there are lots of diverse cultural events happening in S…

I don't know why I'm getting downvoted! Don't you want to hear WHY people paying those rents or you want to believe everybody paying those rents are just plain stupid?! Markets are smart!

You shouldn't be getting downvoted because it's interesting to hear from someone paying relatively high rent. I'm in a similar situation in that I live somewhere where buying a place is out of reach, but I have too much attachment to the area to go live somewhere cheaper.

Re: San Francisco Tech Firms See Workers Flee from $4,500 Rents

#255

Post by [deleted] »

kzhahou wrote: post #229
geebee wrote: post #223

Earlier quoted context omitted.

The french quarter in new orleans is also probably less safe than modern buildings, but I wouldn't want to see it torn down just because rents would be cheaper. SF does need to build, badly, but I'm wary of the term NIMBY-ism. It is descriptive, but I think it invites false equivalence. There are degrees of NIMBY. I actually think that some of the burbs, like walnut creek or mountain view (especially the latter) have…

SF has a lot of beautiful historic architecture, but also absolutely endless rows of bland, ugly, and tightly packed 2-story houses ("houses"). You could build over a quarter of the city and lose nothing.

[deleted]

Re: San Francisco Tech Firms See Workers Flee from $4,500 Rents

#256

Post by [deleted] »

runT1ME wrote: post #227
sfotoatx wrote: post #130

Lots of naysayers on HN, but I left SF last year and moved to Austin. I have zero regrets. In SF, my 1 bedroom, 650 square foot apartment in SOMA went from $2,600 to $3,200 over 3 years. In Austin, my salary went down $10k to $120k/yr. My 2 bedroom, 1,100 square foot apartment is $1,150/mo. The tech scene here isn't as vibrant as SF, but there's still plenty of great meet ups. All in all, yes there are some things I…

I guess the argument against your move would be potential future earnings. If you top out at your current salary, you made the right choice. But if you continue on an upward trajectory, what do you think the top money (as an employee) could possibly be in Austin? Now compare that to the Bay. I'd guess it's not even close, no?

[deleted]

Re: San Francisco Tech Firms See Workers Flee from $4,500 Rents

#257

Post by louprado »

bogomipz wrote: post #177
TranquilMarmot wrote: post #127

Earlier quoted context omitted.

I don't agree with the amount of vitriol in your comment, but I agree with the overall sentiment. I feel like tech workers in San Francisco are fully bought-in to the "this is the best and only place to be if you're in tech" idea. So much so that they can't quite see that the grass is just as green on the other side, so to speak. You have to be fully bought-in to it, there's no other way you would be able to justify…

Vitriol really? Because I said "BS"? It certainly wasn't meant to be vitriolic, I didn't think there was anything abusive in my post. Exasperation? Yes. Cynicism. Ditto.

Well... the poster suggesting your vitriol does go by the name "Tranquil".

If you must know, dismissive phrases such as, "people like you", isn't a mature way to strengthen a counter argument.

Re: San Francisco Tech Firms See Workers Flee from $4,500 Rents

#258

Post by Drugba »

kabes wrote: post #208
vinay427 wrote: post #180

Earlier quoted context omitted.

It's similarly worth noting that CA has the highest income tax rates of any state in the nation for most individuals. For instance, for incomes between around $51k and $263k the rate is 9.30%. My state's rate is 4.25%, which is closer to not having a tax at all.

As a guy from Europe I don't know much about the US tax system. If somebody mentions he earns $120k, I assume that's gross salary? What does he usually end up with net? From what I understand it depends on the state. Is that 4.25% you talk about the only tax there is?

No, it's not. Federal tax takes a big chunk and then there's paying in to things like medicare and social security. For example, I work in Los Angeles and make 100k pre-tax. Last year my net just over 65k.

Re: San Francisco Tech Firms See Workers Flee from $4,500 Rents

#259

Post by kbenson »

rconti wrote: post #253
kbenson wrote: post #212

Earlier quoted context omitted.

Even then, it's not going to make it to Larkspur until later, phase 1 only makes it to downtown San Rafael (but there's supposed to be a free bus from there to take you to the ferry). As someone who lives in Santa Rosa, having something that connected directly to SF or BART from up here would be awesome (even if not really feasible). My brother lives here as well and he commutes to the Embarcadero for work. I'm not j…

From Santa Rosa ? That's, like, Morgan Hill to SF commute levels of craziness.

Yeah, about the same total distance, but I think there's generally less traffic coming from the north. In any case, he just has to make it to Larkspur, as the ferry takes him directly to work. Needless to say, he's eagerly awaiting the SMART train.

Re: San Francisco Tech Firms See Workers Flee from $4,500 Rents

#260

Post by Apocryphon »

runT1ME wrote: post #227
sfotoatx wrote: post #130

Lots of naysayers on HN, but I left SF last year and moved to Austin. I have zero regrets. In SF, my 1 bedroom, 650 square foot apartment in SOMA went from $2,600 to $3,200 over 3 years. In Austin, my salary went down $10k to $120k/yr. My 2 bedroom, 1,100 square foot apartment is $1,150/mo. The tech scene here isn't as vibrant as SF, but there's still plenty of great meet ups. All in all, yes there are some things I…

I guess the argument against your move would be potential future earnings. If you top out at your current salary, you made the right choice. But if you continue on an upward trajectory, what do you think the top money (as an employee) could possibly be in Austin? Now compare that to the Bay. I'd guess it's not even close, no?

Would the potential future earnings be sufficient to purchase a home in SF? That's comparable to what he or she could get in Austin?
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