The city lost the most residents out of every major city between 2019 and 2020, with 70 percent moving to nearby Sacramento, according to data that was collected from the United States Postal Service records through a Freedom of Information Act request.
Moves to Texas grew by 32.1 percent and to Florida by 46.2 percent.
"Many of the most ambitious people on the planet have lived here," investor Keith Rabois, who lately moved from California to Florida, told Business Insider. "But post-COVID, I think the concentration of talent has atrophied, perhaps permanently."
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Numerous people left the Bay Area throughout the coronavirus pandemic, many in the tech industry who did remote work were awarded a chance at living in other towns — as many as 89,000 households moved out of San Francisco between March and November 2020.
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"The pandemic came just as the bulk of the large and increasingly affluent millennial cohort had reached prime family formation age," the report reveals. "Consequently, millennials had been trending toward more suburban residencies even before COVID-19 came on the scene."
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Residential rents in the city were 27 percent lower than a year ago in January, according to a report from Apartment List, with median rents at $1,992 for a one-bedroom apartment and $2,305 for a two bedroom.
New York is another city where residents are planning an exit after state lawmakers on Thursday passed a budget that will raise the personal income tax on the wealthiest New Yorkers and corporations to produce more than $4 billion in revenue.
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''When wealthy people don’t like something, they don’t protest, they just leave,'' stated Geoffrey Weinstein, a tax attorney at Cole Schotz.
''The wealthy are under attack and they are seeing if there isn’t a way to lop off 15%. They are looking for options.''
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“With a focus on creating the best possible environments for businesses, workers and families to succeed, states led by Republican governors are seeing more and more people become residents,” stated Republican Governors Association Deputy Communications Director Mike Demkiw. “People are desperate to escape the heavy handed, regulation ridden big government approach pushed by liberal governors.”
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The increasing American divide, though, isn’t just between states—it’s also county to county. When urban centers across the nation were besieged by rampant crime—including tumults and civil unrest last year—many residents took that as their cue to flee as the Covid-driven work-from-home phenomenon became the new standard. For many urbanites, looking for a permanent way out meant migrating to the suburbs and even to agricultural villages.
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