The liberal city of San Francisco, California, is losing residents at a record pace, many of whom are migrating to states such as Texas and Florida, according to a recent study.
San Francisco has lost more residents between 2019 and 2020 than any other major U.S. city, according to data compiled by the commercial realty firm CBRE Group and reported by Business Insider. The study discovered that the number of those fleeing San Francisco to Texas spiked 32.1%, and those making the trek to Florida skyrocketed by 46.2%.
Unicorn investor Keith Rabois, who has moved to Miami, maintained that the Bay Area is losing its lucrative tech talent, telling Business Insider that “many of the most ambitious people on the planet have lived here, but post-COVID, I think the concentration of talent has atrophied, perhaps permanently.”
Most of those who left San Francisco, however, did not leave the state, but simply made their way north to Sacramento. As Business Insider noted regarding the CBRE data, the number of moves from San Francisco to Sacramento increased 70% in 2020, which outnumbers the amount of people leaving for cities in other states, such as Tampa, San Antonio, and Austin.
“The pandemic came just as the bulk of the large and increasingly affluent millennial cohort had reached prime family formation age,” the report states. “Consequently, millennials had been trending toward more suburban residencies even before COVID-19 came on the scene.”
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04.24.2024