The San Francisco Bay Area Is Being Hit Hard by Employees Fleeing For Lower Cost Regions

According to the East Bay Times, “At least 1 in 5 residents in high-priced cities say they have already moved or expect to – a possible harbinger of significant change in the Bay Area. This is the biggest, fastest transformation of how we work since World War II” said Adam Ozemik, chief economist at Upwork. The Upwork survey looked at 20,000 people nationwide, asking if they expected remote work to change where they planned to live. More than half of the people surveyed said they were looking for a lower cost of living. About half said they were moving more than two hours away, and 40 percent said they were moving more than four hours away.” San Francisco apartment rents have dropped 20% compared to a year ago, and while these rates may not return for several years, the Bay Area is expected to bounce back with a future wave of workers in their 20’s and 30’s once the region returns to more normality of restaurants, bars and San Francisco lifestyle excitement.