By Len Ramirez, CBS SF Bay Area
SAN JOSE (KPIX 5) – The number of people packing up and moving out of the Bay Area just hit its highest level in more than a decade.
Of course people come and go from the Bay Area all the time, but for the first time in a long time, more people are leaving the Bay Area than are coming in. And the number one place in the country for out-migration is now, right here.
Russell Hancock with Joint Venture Silicon Valley said, “Silicon Valley has been this place that is growing. And it was mostly due to people relocating here and relocating from other parts of the world. That’s changing.”
Joint Venture Silicon Valley’s own study of the out-migration says workers are moving to Sacramento, Austin, and Portland due to a number of factors. But topping the list is the high cost of housing.
“You can’t even contemplate getting into the housing market here,” Hancock said. “And I don’t mean just service workers, but highly skilled professionals. The tech elite are having a hard time affording reasonable housing in Silicon Valley. That makes it difficult for employers to recruit.”
Operators of a San Jose U-Haul business say one of their biggest problems is getting its rental moving vans back because so many are on a one-way ticket out of town.
And when I say as predicted, I mean:
Congress just incentivized high income earners to vote with their feet and abandon blue states with high state and local taxes.
Though I will admit that I didn’t expect the exodus to both manifest and be reported quite this quickly.