Skip to content

People leaving the Bay Area are more affluent than new arrivals. Here’s why that matters.

February 29, 2020

by Stephen Frank : bizjournals – excerpt

In slow motion we are watching the collapse of the San Fran bay Area. The large firms that have left and are leaving, taking employees with them. Families leaving since they no longer want their children living on a government promoted Toilet Bowl. The rich are leaving and the much less rich are coming in. Tax revenues will start going down.

“The departure of higher-income residents is worrisome for those who remain in the Bay Area, left to pick up the tab for the state’s long list of financial obligations.

New arrivals were less affluent in Alameda, Contra Costa, San Mateo and San Francisco counties. The only exception was Marin County.

The IRS data shows that those who moved out of San Francisco County between filing their tax returns in 2017 and 2018 had taxable income on average of $150,905 vs. $117,321 for those moving into the county. “

We already know Twitter is looking to leave—as the big firms leave, so will the vendors of these firms. Watch the twin disasters of AB 5 implementation along with the carless downtown San Fran. Businesses will flee or close…(more)

People leaving the Bay Area are more affluent than new arrivals. Here’s why that matters.

High taxes and housing costs are cited as factors driving the affluent out of the Bay Area.

No comments yet

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: