Buy condo scarborough . A large number of technology workers fled the country, and rents and house prices fell. There has always been talk of a large number of tech workers leaving the San Francisco Bay area where Silicon Valley is located because of the high cost of living and long and congested commutes.
However, before the COVID-19 epidemic broke out, leaving here meant leaving the highest-paying and most prestigious job in the United States. But now there are signs that this “brain drain” scene has finally become a reality. As America’s iconic innovation center, Silicon Valley may never be what it used to be, and telecommuting is reshaping it.
Technology companies tend to give employees more freedom to work anywhere. Employees are accepting this freedom of choice, which constitutes the beginning of a shift that could reshape not only the San Francisco Bay area, but also the cities these tech workers are building. It seems too early to draw conclusions, and details are beginning to emerge about who is leaving and where they are going.
Justin Thompson (Justin Thompson) and his spouse are not the only ones who have decided to leave San Francisco this summer. After renting a house for five years, the couple decided to buy a three-bedroom house in Phoenix. First, their landlord offered a lease reduction of $250 a month in case they ended the lease in October, but they still chose to refuse. Second, when Thompson went for a dental checkup and said it might be his last check-up, his dentist was not surprised. “doctors tell me that people make similar decisions every day,” said Thompson, who works for an information analysis agency. “
Alphabet, Google’s parent company, announced last month that employees would not return to the office until at least the summer of 2021, in part to get them to sign full-year leases elsewhere. Facebook recently said that its employees may also stay telecommuting for long periods of time. The social media giant, which employs 52000 people, expects to turn to more geographically distant employees over the next decade and is currently hiring a telecommuting director. Twitter, Slake and other companies have announced that most of their employees can work remotely forever.
At the end of June, Tatil, a cyber security agency based in (Emeryville), Calif., instructed its additional 1500 employees that they could work completely remotely. Since then, 16% of employees who work mainly at Tanium headquarters have formally asked or asked about the relocation, according to a spokeswoman. Last month, Olion Sindavi (Orion Hindawi), the company’s chief executive, moved to Seattle.
Mark Zuckerberg (Mark Zuckerberg), chief executive of Facebook, cited an internal survey saying that about 40 per cent of employees had been considering long-term telecommuting. 3/4 of these employees said they might be transferred to different locations. Facebook declined to say how many employees have formally asked to relocate.
A survey of 371 Bay area tech workers conducted by recruitment agency Employed in the middle of the year found that 42 per cent of them would move to lower-cost metropolises if employers asked them to work full-time remotely. Another survey conducted at the end of July by Blind, a platform that supports anonymous discussions among employees, found that 15 per cent of more than 3300 Bay area professionals had left the area because of the outbreak, although it was unclear how many thought their actions were temporary. Of the rest, 59% said they might consider moving if the company allowed it.
While it is unlikely to measure the overall outflow of technology workers from the Bay area, the trend has affected real estate prices. Rents have begun to fall for the first time in years. Median rents for one-bedroom homes in San Francisco fell 11% in July compared with the same period last year, according to Zumper, a rental listing platform. Zumper analyzed the prices of nearly 11000 homes in metropolises and several other surrounding areas. In Cupertino, where apple is headquartered, and mountain view, where Google is headquartered, median rents for one-bedroom apartments have fallen by more than 15%.