3 ms·
It'll be very interesting to see how going remote impacts various urban centers. I can imagine that centers like Silicon Valley will be hit hard as a ton of the
by bognition 6y ago
It'll be very interesting to see how going remote impacts various urban centers. I can imagine that centers like Silicon Valley will be hit hard as a ton of their labor can work from anywhere. Whereas places like Boston that have a heavy bio-tech investment are harder to relocate because you need people working in physical labs.
- rllearneratwork 6y agoa lot of SV's tax base is going to disappear
- justizin 6y agowho the fuck in SV even pays taxes? nobody with actual money, sadly. gtfo.
- Schiendelman 6y agoWhat do you mean? California has an 11% top marginal income tax bracket - most of my income was in that bracket when I worked there. Add to that fairly high local sales taxes, and property taxes for the new (high income) residents as well as the commercial properties where they work.
- one2know 6y agoRich people only pay long term capital gains. Bezos salary is like $79k. Others have income of $1.
- chrisco255 6y agoI assure you Bezos pays sales tax and property tax on all the buildings he owns. The state of Washington doesn't even have an income tax.
- vonmoltke 6y agoWe're talking about state taxation. I don't know how California works, but New Jersey has no concept of "capital gains". It's all income.
- cheriot 6y agoAmazon's move earlier this year might be an early sign. They split their expansion across 6(?) different cities. I doubt society is moving away from offices or cities in the near future, but it's a whole lot easier to have teams outside the Bay. Bay area municipalities have been making choices that degrade quality of life and could always count on tech companies paying more taxes anyway (hello housing crisis). There will be some hard decisions coming up.
- athms 6y agoSilicon Valley is NOT an urban center, it is a suburban area of Santa Clara County. It is Santa Clara Valley renamed, from Palo Alto down to San Jose and a bit north to Milpitas. I don't expect the pandemic and recession to impact Silicon Valley that much. You certainly don't see it in home prices or rents, which have either remained stable or gone up. San Francisco on the other hand is hurting. Both rents and home prices are down.
- grandmczeb 6y agoI was able to negotiate a pretty sizable rent decrease here in Palo Alto. That's a single antidote obviously, but I think that would have been impossible if covid wasn't having a significant impact on the housing market.
- jarjoura 6y agoDepends, rents have flattened across the entire bay. They are offering 2-3 months free rent all over the place. 1 bedroom condos in downtown SF have been flooding the market and selling under listing because they’re only attractive to people who want city life and live close to the office. Single family homes and bigger condos further from downtown have been selling when only listed for a week. Those are driven by people’s desire for more space and historic low interest rates. I’d say overall, SF real estate is actually doing quite well.
- tastygreenapple 6y agoRents are nominally flat but I think landlords are making free N months of rent concessions that are unprecedented. Additionally, Silicon Valley is under an eviction moratorium so many rental units are occupied by delinquent tenants and we should expect those to enter the market and change the equilibrium - presumably towards lower rents. It is interesting that the landlords are so loathe to drop the rent price (related to rent control incentives?). I moved out of San Mateo county in March and my old apartment is still unoccupied and I don't foresee it renting any time soon, at this point my landlord has let the unit sit empty for nearly 6 months rather than take a price concession. However, with an eviction moratorium, I can imagine they're extra careful about screening prospective tenants.
- shuckles 6y agoSilicon Valley also happens to be one of the biggest biotechnology hubs in the United States.