GOODER AND HARDER, CALIFORNIA: The Wealthy Residents Who’ve Left San Francisco Have Taken Billions in Income With Them.
There’s an exodus going on in the Bay Area, and it’s not just Twitter employees fleeing the company.
An analysis of tax return data suggests that wealthy San Francisco residents moved out of the city during the early years of the pandemic, taking billions in income with them, according to according to the San Francisco Chronicle.
In 2020, 32,000 more people left San Francisco than moved into the city, and the income of those who cut out was nearly $8 billion more than those who came. That only compounded a problem the city was already experiencing. The year prior, San Francisco saw 39,000 more people depart than arrive, representing a net loss of $6.9 billion in salary. That means the city saw $15 billion dollars of income leave in a two year span.
Meanwhile, in neighboring Oakland:
Oakland voters felt law enforcement was too strict and so last fall elected a progressive D.A. who has stopped enforcing many laws. The result is lawlessness, “sideshows,” and assaults carried out with impunity. pic.twitter.com/xf6xWc6EPD
— Michael Shellenberger (@shellenberger) May 6, 2023