Wealthier residents, liberated from the office by remote work, are leaving the Bay Area at a higher rate than before the pandemic — a trend that could exacerbate a dreaded economic “doo…
Wealthier residents, liberated from the office by remote work, are leaving the Bay Area at a higher rate than before the pandemic — a trend that could exacerbate a dreaded economic “doom loop” for the region’s slowly recovering job centers and downtown cores.
Downtowns across the Bay Area grappling with how to respond to shuttered businesses and empty office buildings are also facing less money flowing into public budgets for essential services and transit. The multiple challenges could leave cities trying to dig out of a deeper hole amid a time of economic uncertainty.
, owing to a spike in international immigration after it plummeted during COVID, the shift to remote work means more white-collar employees could continue saying goodbye to the Bay Area. According to the economic institute’s report, the top destinations for people leaving the region are still in California, including Los Angeles , Sacramento and Santa Cruz . Others have moved to more affordable towns on the outskirts of the Bay Area, such as Tracy or Hollister, Raisz said.
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