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update : 2023-10-03

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The biggest problem, they say, is that young well-paid tech workers are taking up a disproportionate share of the housing and driving up already astronomical real estate prices.

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Silicon Valley Workers Driving Up San Francisco Property Values

A bus stop in San Francisco by protesters, these people angry at what they see as growing income inequality in the city. But to understand the issue, you need to check things out on a regular day. So we did. It’s 9:00 a.m. on a Wednesday morning. And these Google employees are headed to work. Same goes for these Apple employees, Facebook employees, Genentech employees, and Linkedln employees, all hopping on company-provided shuttles to make the hour-long commute from San Francisco to Silicon Valley, some 17,000 workers going back and forth each day. Like many young people in the tech world, Lindsay Norman chooses to live in the city, instead of closer to work. And that simple fact is where the begins for many other San Francisco residents. The biggest problem, they say, is that young well-paid tech workers are taking up a share of the housing and driving up already astronomical real estate prices. Rent increases in San Francisco are outpacing the nation more than threefold. The average price of an apartment here is more than $3,000 a month. So these buses have become a target of what critics say is the gentrification of San Francisco. But some city leaders say the anger is misguided, pointing out the buses take thousands of cars off the road every day and the tech industry’s positive ripple throughout the economy. But for those squeezed out of housing, it’s a tough sell. And for them, this has become a new way to voice anger.