4 ms·
I don't think a lot of people quite grasp how big of a scam silicon valley is. I've pieced most of the information together from articles that I have seen here.
by betwixthewires 6y ago
I don't think a lot of people quite grasp how big of a scam silicon valley is. I've pieced most of the information together from articles that I have seen here.
Do you know who owns the majority of rental properties in silicon valley? East coast and Midwest pension funds or investment firms using their capital. This includes office space and residential areas. Care to take a guess who's capital the majority of VC firms are investing? If you guessed east coast and Midwest pension funds, you're right.
Moving to silicon valley to get a good paying job? Prepare to spend most of it on rent, basically paying a significant portion if not the majority of your salary to the very individuals that own controlling interest in the company paying you. Going to silicon valley to start a company? Prepare to pay a significant portion of that funding you got right back where you got it for office space.
Imagine if you could take a significant share, potentially a controlling interest, in every major tech startup basically for free. You create an engine to suck productivity out of some of the most creative, technically proficient innovators in the US by owning land in northern California and convincing them that they have to go there and rent from you to get your money to make their big ideas happen. Now you get to own some of the most productive people on the planet. That's one hell of a profitable scam. And the funny thing, we all forgot why you had to go there in the first place, that the silicon was made there, and we just take it as gospel that you have to go there to work in tech, even though the silicon is all made in Taiwan, Japan, South Korea and China now. And let's not even get started on the hypocrisy of pension funds that exist due to union lobbying doing this.
Now, if you're still considering going there, as an added bonus consider that you'll be surrounded by people that step over homeless people on the way to work where they will write social media posts about income inequality.
- blast 6y agoYou're not entirely wrong, but you're more wrong than right. For example, yes, a good paying SV job involves spending a lot on rent, but nowhere near "most of it"...very much the opposite. Yes there are issues, but it's not "how big of a scam", and by describing it that way you lose credibility.
- keenreed 6y agoWhen I looked a few years back, nice houses would go around 12k/month. Maybe shared condos are not expensive, but not everyone wants to live that way.
- jjav 6y agoYour definition of nice is pretty over the top, even by SV standards, if you'd need 12K/mo to find a place.
- keenreed 6y agoMaybe now corona it is better, but a few years landlords could choose from several applicants. 12k was realistic asking price for foreigner with no credit history without waiting.
- keenreed 6y agoAgree. We tried to get funded a few years ago, but gave up. VCs insisted we relocate to SV, but it would not make sense (we are remote). It felt like a scam to pump property market.