Remember when tech workers were ruining San Francisco by their very presence?
The crisis peaked between 2014-2017 when the booming tech industry was blamed for driving up the cost of real estate. Tech companies drove high demand for office space and also rental housing.
Now they’re being blamed for ruining San Francisco — by their absence.
San Francisco Mayor London Breed said recently that tech workers have either left town or are working remotely and won’t be coming back into their San Francisco offices anytime soon.
This is resulting in a severe financial impact on city budgets. In addition, the city’s office vacancy rate hit 21.7% or 24.2% (depending on who is measuring it) in the second quarter (5.7% before the pandemic).