The young techies who flocked to The City a decade ago went away, just like we wished at the time. The Bay Area is now producing more tech grads than tech jobs, resulting in a “brain drain” that sends new techies out of the region.
A decade ago, young techies poured into The City, driving up rents, crowding the sidewalks of Valencia Street in the Mission, piling up on the hills of Dolores Park like sea lions in the sun.
Let’s just pause for a moment here in 2022 and think about the fact that we resented 90,000 new tech workers who brought in $300 million in city revenue. Today, tech layoffs are mounting and workers are leaving as SoMa shuts down and mid-Market’s revitalization seems like a distant dream. But the infusion of young workers has stopped. The Bay Area is not in the top 10 regions in the nation by percentage of people aged 20-24, the CBRE report found.
And the San Francisco tech industry group sf.citi wrote this in its report “Tracking the San Francisco Tech Exodus”: Longtime San Francisco public relations pro Sam Singer noted in 2013, “The tech industry is a vital part of San Francisco and the Bay Area... but from an image/credibility standpoint, it’s really suffering right now.”
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