Experts Predict That San Francisco Is On The Brink Of Economic Collapse, And Here Is The Reason Why...

Fox Business says, “The San Francisco Chronicle’s editorial board put out a dire warning about San Francisco’s economy, emphasizing that the city needs to evolve as fast as possible to avoid a ‘doom loop’ from employees transitioning to remote work.”.

The doom loop could gut the local economy as remote workers pay fewer taxes and don’t require transit systems like BART. The board made a solid comparison to how workers refused to return to skyscrapers in New York after 9/11. Manhattan made a massive comeback thanks to other subsidies, including parks, train stations, and businesses like malls. However, San Francisco has yet to make changes to help it bounce back.

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According to SF Standard, “Between 2019 and 2021, the number of people working from home in the U.S. tripled, from 6% to 18%, according to the U.S. Census Bureau. In San Francisco, that statistic increased sevenfold, with 46% of employees clocking in from home in 2021.” The drastic increase is due to the pandemic.

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This began the year before the pandemic when more people enjoyed remote work. That’s why many assumed workers would return to the office, but that’s not happening.

Instead of seeing remote workers refusing to return to the office and making changes to help the city’s economy, the city assumed they would eventually return to the office. However, that still hasn’t happened.

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Now, downtown continues to struggle. Once a buzzing hub downtown, millions of square feet of office space remain vacant. Tech companies have shuttered their doors, and they aren’t re-opening them. Layoffs in San Francisco consistently make the news.

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This doesn’t just impact tech businesses. Other stores downtown, including coffee shops and restaurants, don’t see the same profits because people are no longer working downtown. People spend an average of about $3,500 less yearly on entertainment and dining.

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SF Standard states, “The Standard estimates the yearly spending loss for San Francisco’s entire residential and commuter workforce could top $2.9 billion.” On top of that, more people are moving away from the city.

We see the domino effect, with one after another falling. If San Francisco wants to save its economy, it will have to stop relying on the assumption that people will return to work downtown and start making changes based on what people are doing.