Home https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Health https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ San Francisco leaders warn that relocation of technical workers could have “severe” economic effects

San Francisco leaders warn that relocation of technical workers could have “severe” economic effects



San Francisco leaders are concerned that a significant flight of technical workers from the city due to remote employment opportunities could have a “powerful” effect on the city’s economy in the coming years.

In a report describing the city’s five-year financial plan, officials cited “dramatic evidence of emigration,”

; including a 25 percent year-on-year drop in apartment prices – concentrated in areas where technicians lived.

“This suggests that office workers working remotely are the group leading to emigration, and low-wage workers are much more likely to remain unemployed,” the researchers wrote. “Eviction, not just work at home, is another consequence of moving to remote office work during a pandemic.”

While some companies – such as Twitter and Facebook – have committed to constant flexibility in teleworking, it is unclear what percentage of other workers will be asked to return to the office when the pandemic subsides.

SAN FRANCISCO TAX REVENUES SMALL POINTS FOR RESIDENT OUTCOME

San Francisco leaders warn that if workers are not required to return to their office buildings in the center, it could have “serious” consequences for the local economy.

“The private sector office activities that run the entire urban economy and the city’s tax revenues are located in the city center to access and build a workforce from the highly skilled and specialized workforce that lives in the Gulf region,” they said. leaders. “If you no longer need to physically bring workers to the offices in the center – or these workers to live in the Gulf area – then the consequences for the regional economy can be severe.”

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Earlier, the city announced a 43% drop in sales tax revenue during the year during the pandemic, which San Francisco chief economist Ted Egan attributed to people fleeing the city rather than a drop in activity due to the pandemic.

Egan told Fox News that while areas across California have seen declining sales tax revenues, other cities have seen an increase in online sales – but not San Francisco.

Data from the moving company United Van Lines lists San Jose, California, as one of the cities that saw the largest outflow of movers in 2020.

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