Vidostream | News, sport and opinion from the Vidostream's US edition

https://vidostream.com

Hollowing out of San Francisco raises fears over status as top tech hub

Soaring office vacancies amplify concerns over violent crime and homelessness
Vacancy rates have risen as job cuts in the tech industry and fears of crime have hit downtown San Francisco © Bloomberg

Vacancy rates have risen as job cuts in the tech industry and fears of crime have hit downtown San Francisco © Bloomberg

At rush hour on a recent morning in downtown San Francisco, passengers exiting the Civic Centre station had to step over a discarded hypodermic needle, an all too common sight in a city where open air drug use has become unremarkable.

Around the station, usage of which has plunged two-thirds since 2019, the most obvious presence was not commuters heading into work but rather groups of homeless people and workers from a social enterprise trying to help them.

Homelessness and addiction are nothing new in San Francisco, which has fought a long campaign to house the vulnerable, but a surge of office vacancies following the pandemic has left the city feeling increasingly hollowed out.

Meanwhile, fears over crime hit fever pitch earlier this month following the fatal stabbing of Bob Lee, the 43-year old founder of mobile payments service Cash App. His death was seized on by Elon Musk and others as evidence that a liberal approach to law and order had allowed crime to go unchecked, until it later emerged Lee was in fact known to his suspected assailant.

Still, the hasty conclusion that Lee was a victim of pervasive lawlessness only served to underline fears that empty offices and crime will combine to unseat San Francisco as the premier hub for global tech.

 
Bob Lee, the founder of Cash App, was stabbed to death in San Francisco earlier this month. Although he was known to his suspected assailant, the attack raised fears over violent crime in the city © @Bob Lee/Twitter
Bob Lee, the founder of Cash App, was stabbed to death in San Francisco earlier this month. Although he was known to his suspected assailant, the attack raised fears over violent crime in the city © @Bob Lee/Twitter


Salesforce last week put the remaining six floors of a San Francisco tower that bears its name on the market, as it became the latest tech group to slash its footprint in the aftermath of job cuts and a work-from-home culture that has taken root to a much greater degree than in other cities.

Salesforce last week put the remaining six floors of a San Francisco tower that bears its name on the market, as it became the latest tech group to slash its footprint in the aftermath of job cuts and a work-from-home culture that has taken root to a much greater degree than in other cities.

A few days later, high-end supermarket chain Whole Foods closed its flagship downtown store, citing elevated levels of theft and fears for its workers’ safety.

Read More (...)

Author: Editors Desk

Source: Financial Times

We are using cookies to give you the best experience on our website. By continuing to browse, you are agreeing to our Cookie Policy.
You did not use the site, Click here to remain logged. Timeout: 60 second