High income earners leaving the Bay Area

Due primarily to the rise in remote work, a significant proportion ( 32 percent) of the wealthier residents (those earning more than $150,000 a year) in the Bay Area have moved. The population in San Francisco’s metro area (which includes the East Bay) declined by 2.3 percent from 2019 to 2021 while San José’s dropped 1.9 percent.

Fortunately, 2022 saw a sharp rise in international immigration as COVID restrictions eased.

Still, the impact is being felt in the area’s major downtowns as office space remains vacant and those businesses catering to office work continue to struggle

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