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AUSTIN & MIAMI MAYORS TO DISCUSS THE TECH MIGRATION ON MARCH 16
Join sf.citi on March 16 for The Tech Migration: Reshaping the Industry, a packed conversation featuring voices from every corner of the tech industry, plus the Mayors of Austin and Miami.
One of sf.citi’s biggest events of 2021, The Tech Migration will explore the fast-changing landscape of tech, remote work, and cities across the country. The pandemic has certainly accelerated the trend away from in-office work models—with tech at its forefront. Just as tech was one of the first industries to send workers home at the start of the pandemic, it’s also become one of the first industries to widely embrace remote work. On March 16, we’ll talk to industry leaders in San Francisco and rising tech hubs Austin and Miami about the implications of this fundamental shift in the way we work.
Over the course of this two-hour conversation, you’ll hear from an impressive variety of speakers. Lizza Dwoskin, Silicon Valley Correspondent for The Washington Post, will moderate a conversation with Kim Mai-Cutler, Partner at Initialized Capital, Guy Berger, Principal Economist at LinkedIn, and Justin Bedecarre, CEO of Raise. sf.citi Executive Director Jennifer Stojkovic will then host fireside chats with Anthemos Georgiades, CEO of Zumper, Mayor Steve Adler of Austin, and Mayor Francis Suarez of Miami.
This is an event you don’t want to miss—register below!
EXPLORING SAN FRANCISCO’S FINANCIAL FUTURE WITH CHIEF ECONOMIST TED EGAN
Continuing our virtual 2021 Lunch and Learn series, sf.citi met with San Francisco Chief Economist Ted Egan to discuss San Francisco’s future economic outlook and recovery from COVID-19. We were joined by sf.citi members Airbnb, AT&T, Comcast, Facebook, Google, Lyft, Microsoft, Optimizely, Verizon, Zoox, and more.
This week, San Francisco learned that the $1.9 trillion federal stimulus bill will largely erase its $650 million budget deficit projected for the next two years. San Francisco Chief Economist Ted Egan acknowledged that the stimulus money will save San Francisco from immediate budget cuts but cautioned, “We are not out of the woods yet.” He explained that San Francisco will most likely experience a slow recovery from COVID-19. Some of the more worrisome signs are the City’s historically high amount of sublease space on the office market and a 70 percent decline in sales tax in San Francisco’s downtown.
- Tech jobs in San Francisco have tripled. They went from representing 5 percent of all San Francisco private-sector employment in 2009 to over 16 percent in 2019.
- Each tech employee in San Francisco has a productivity value-add of nearly $500 to their employer. That’s far higher than the national average of about $300.
- Between 2012–2018, the growth in median household income exceeded the growth in housing costs for most San Francisco income groups.
NASHVILLE: SILICON VALLEY OF THE SOUTH?
In the latest sf.citi blog post, we explore what a Nashville-style tech hub looks like and whether it can compete with San Francisco for future tech workers.
Several weeks ago, sf.citi hosted our second Mapping the Tech Exodus event with Brian Moyer, President and CEO of the Greater Nashville Tech Council. We found that Nashville’s burgeoning tech ecosystem shares many of the qualities that have made San Francisco the innovation capital it is today. Like San Francisco, Nashville boasts a robust university system, diverse workforce, and cultural richness fueled by its iconic music city brand. Furthermore, Nashville’s political leadership consistently demonstrates its support for the tech community by maintaining a business-friendly tax structure.
At the same time, Nashville faces no shortage of challenges in its tech future. Tech as an industry tends to lean left on the political spectrum and has largely aligned itself with the progressive politics of San Francisco and California. Can Nashville hold onto an ideological tech workforce in an overwhelmingly red state? Nashville also appears primed for many of the issues San Francisco has dealt with in recent years, including a housing affordability crisis. Learn more about Nashville’s tech industry and whether it stands a chance at challenging San Francisco’s tech dominance in our blog below.
CATCH sf.citi ON THE POLITICAL LIFE
sf.citi Executive Director Jennifer Stojkovic spoke to Jim O’Brien on The Political Life podcast about San Francisco politics, the tech migration, and how San Francisco is competing with rising tech hubs.
Want an overview of the current tech and political landscape in San Francisco? Listen to sf.citi’s Jennifer Stojkovic and podcast host Jim O’Brien on The Political Life. They discuss our work at sf.citi, how San Francisco’s different government entities work together, and the challenges facing San Francisco with the advent of remote work and the emergence of cities eager to poach Bay Area tech talent.
DID YOU KNOW?
Rents in San Francisco have fallen so dramatically that some people are finding the City more affordable than Oakland. The difference in median apartment prices in San Francisco and Oakland is, in fact, the closest it has been for many years. Of course, what’s affordable for some is still unaffordable for most. According to Apartment List, San Francisco rents have fallen by 27 percent with the median price of a one-bedroom apartment just shy of $2,000. The City remains the costliest major metro—especially for those most impacted by COVID-19. Read more on that here.
BUZZ | #MEMBERNEWS
- Twitter, Facebook and other Bay Area companies to diversify leadership by 25% (San Francisco Chronicle)
- Microsoft joins forces with European news publishers (Financial Times)
- Airbnb lists entire Showplace Square building for sublease with potential for direct deal (San Francisco Business Times)