San Francisco officials warn that the move of IT workers could have "serious" economic consequences. In their words , the development of remote work during a pandemic caused an outflow of technical staff. In a report describing the city's five-year financial plan, they provided “compelling evidence of emigration,” including a 25% drop in apartment prices over the past year, especially in areas where IT people used to live.
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So far, Silicon Valley remains the main center for venture capital investments. Every fifth trade takes place there. In 2020, startups in the United States raised $ 156 billion. Of this amount, 40% were received by Valley projects. There are 174 unicorns based in the region. But if Austin and Miami continue to grow and remote work stays with us, how long will the status quo last? And won't the phrase "startup from the Valley" become something archaic, divorced from real innovations and advanced technologies?
For many companies, including those looking abroad from Russia, this is a reason to think.