The San Francisco Bay Area may be in for a mass exodus as nearly half of the city's voters plan to leave the region in the next few years.
in Menlo Park, Chief Policy Officer Elliot Schrage said the social media giant must address the Bay Area's housing crisis "if we're going to remain a company in Silicon Valley for the long term."
The company predicted earlier this year that it could more than double its current headcount in Menlo Park to 35,000 employees over the next five years, eventually eclipsing the city's population. Facebook's proposed mixed-use Willow Village campus in Menlo Park call for 1,500 housing units, 125,000 square feet of retail, including an anchor grocery store and a hotel, along with 1.75 million square feet of office space.
Corporate board members and shareholders are asking companies why they are posting jobs in San Francisco and instead asking executives to consider more affordable cities for employees, Yelp CEO Jeremy Stoppelman said. "It's really about where are you going to learn the most, where are you going to join the most innovative companies, where are you going to have the most exciting peer groups, where are you going to be able to touch the newest technologies first," he said. "It's all still happening around here."
Yelp has been paying employees more to help them deal with the housing crisis, Stoppelman said, but it also has the option of adding employees in its other offices around the globe.Charles Schwab & Co Charles Schwab, the chairman of the online brokerage he founded, says the company has more growth outside of California than within the state.
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