Big Tech employees leaving Silicon Valley
Tech executives and workers have fled Silicon Valley over the course of the pandemic, lured to red states by a lower cost of living, the possibility of remote work, and low taxes.
In other words, Northern California has suffered a "brain drain" to states such as Texas, Florida, Colorado, and Utah.
Before the pandemic, the Bay Area already had more people moving out of the region than into it, and the trend was only exacerbated by the coronavirus. The number of people leaving the area almost quadrupled in 2020, and, since September 2020, the outflow averaged 49.8%, according to moving company moveBuddha. This means that for every person who has moved to Silicon Valley in the past year or so, two have left.
The office vacancy rate spiked to 16.7%, a phenomenon that has not occurred in a decade, with many tech companies allowing their employees to work from home indefinitely or moving their offices to places such as Texas for cheaper rent and zero state income taxes.
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California is a state in significant decline. As noted in another post its rural area has been devastated by the state's mismanagement of the water supply. Its cities are plagued with crime and homelessness. The homelessness is compounded by building restrictions which have resulted in homes being out of reach for just about everyone but the wealthy.
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