https://www.cushmanwakefield.com/en/united-states/insights/u...
The entire sofrware+hardware industry before the 2010s was south of Redwood Shores and the biotech industry was always situated in northern San Mateo County. Before the 2010s, SF was primarily a hub for the Northern California legal+investment banking industries, both of which cratered during the GFC.
There's a reason why "FiDi" is called that - SF used to be the Wall Street of the West until the GFC, and most private sector white collar jobs in the city back then were legal and finance related.
It's still as crummy now as it was then. I remember seeing drug addicts on market as a kid, as well as the gang crap in Hunter Points (what's now called Mission Bay - India Basin has been renamed Hunters Point) and Mission District.
The difference is Mission, Northern Tenderloin/"Lower Nob Hill", Western Addition/"Hayes Valley", and Hunters Point had been extremely gentrified at a shallow level by transient white collar workers and creative types (artists, musicians, etc) in their 20s and 30s (aka. Most SF HN commentators)
Neither group started families let alone sent kids to public schools in SF, nor were either group actively connected with electoral politics within SF (voting isn't connected), and the same issues that I saw in K-8 in SFUSD continue to persist.
Also, a massive proportion of SF's population cannot vote due to immigration status (around 40% last I checked). Add to that an addition 10-20% to represent unattached transplants and townies and the voting pie shrinks massively, so SF politicians end up pandering to the subset that votes instead
Think you got this backwards.
I haven't scrutinized this heavily, but, at a glance, it appears that the best recovery for "Work Trips" is still down 13.2%, New York is down 26%, and the worst, SF, is down 32.7%. In no way do I see these numbers as booming - they all make me question how the cities are going to balance their books as commercial real estate gets devalued and undermines taxation.
Is that the wrong way to be looking at things?
(EDIT: these numbers are old, my bad!)
To my annoyance, rent has continued to rise as well.
[1]: https://www.thrillist.com/news/new-york/nyc-expects-61-milli...
[2]: https://www.cityguideny.com/article/summer-tourism-data-nyc-...
NYC is booming in all senses of the word that apply to the daily experience of your typical person living here. The streets are PACKED with people out and about having a good time at all hours of day and night, and rents are at record highs because so many people want to live here. So what if not everyone is commuting into the office 5 days a week anymore? Don't buy an office building and you'll be good.
Remember not to rent too, otherwise landlords would passthrough the high property to you.
As a renter, all you care about is what the rent is. If the rent is good, then you're good. Property tax is very much NOT priced into buying a property, and is an ongoing expense to worry about that moves in way that rent does not.
Fair point, but are any of those places in states with no income tax? Thise states have to make up for that loss of revenue somewhere.
Odd.
For (way) more details, I recommend Jonathan Miller's blog: https://millersamuel.com/blog/
Given recent history (Phoenix MSA’s 2011 GDP was lower than 2007 GDP, whereas SF never went below 2007 levels), it’s not unreasonable to think that other cities are simply in artificial bubbles from the $3tn that was given to consumers over the past 3 years.
The cities' respective recoveries show that the finance firms made the right call.
Having everyone lock themselves inside and exclusively interact via video chat is not a good thing, IMO.
Sounds like a Black Mirror episode.
NYC finance workers didn't have the backbone to resist RTO like SF tech workers did.
That's the beauty of working in tech. There's a lot of companies to move over to. Finance is a lot more restricted.
Personally, I prefer to live in smaller cities, but I lived in a huge metropolitan area for decades. I just grew tired of it. In that regard, remote work for me is a blessing.