Bay Area Woes

Some interesting stats from an article in the New York Times:

  • 40,000 people have left Silicon Valley in the last year to find work elsewhere. My sense is that number is low, if you add in people who worked in the Valley but lived in San Francisco.
  • The median home price in the Bay Area is still $540,000, meaning that only 18 percent of the population can afford to buy a home.
  • The state of California took in $17 billion in taxes from capital gains and exercise of stock options in 2000, but only $5 billion in 2002.

The Bay Area is still a great place to live in many ways, and an engine of the tech industry. But its problems won’t go away with a few tech IPOs.