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Is This the Beginning of a Tech Exodus from San Francisco?

August 12, 2016

By Lamar Anderson : modernluxury – excerpt

More than a quarter of S.F. software engineers are looking for jobs out of state.

News of tech workers being priced out of an increasingly unaffordable San Francisco has been circulating for years: SF Weekly and the LA Times pounced on it back in 2014, and now and then OMG-inducing stories—the tech couple who sold their condo to move into an Airstream, the millennial Googler camping in the Googleplex parking lot, the lawyer and software engineer couple who can’t afford Palo Alto—seem to warn of a techpocalypse. Now, the job site Indeed reports that a full 26 percent of software engineers in San Francisco are searching for jobs out of state. That stat, first spotted by BuzzFeed, is either alarming or a delectable dose of schadenfreude (or both!), depending on your pay grade.

Indeed’s report ranks tech-friendly cities according to how far the average tech salary goes there. So while San Francisco techies make more bank than their brethren elsewhere, their income takes the equivalent of a 20 percent hit when you factor in cost of living… (more)

If you also factor in the new interest the Federal investigators have in the cash only real estate deals and the crackdown on that, and the latest sinking and tilting Millennium Tower scandals, we could be looking at a slowdown sooner rather than later in real estate price escalation.

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