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Member since: 2002
Number of posts: 5,881

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When big tech companies move in to a city

housing becomes a huge demand for the highly skilled workers following the companies. It prices out the lower wage workers forcing them to have to move but rent has skyrocket so they end up homeless still working at their low wage jobs in cities that have been their homes forever.

“Together, the region’s nine counties boast a GDP of $748 billion — larger than Switzerland’s or Saudi Arabia’s — and an economy that’s growing at double the rate of the United States’ at large. Santa Clara County, home to San Jose, has a job-growth rate that’s twice the national one. But in the past five years, San Jose has built only one unit of housing for every six jobs it’s created — a recipe for rising rents, rabid competition for available units, and, ultimately, economic evictions like the ones many of the families in the parking lot described when Rolling Stone visited in March.”
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