Tech's Bust Delivers Bruising Blow to Hollowed-Out San Francisco

Job cuts and remote work are colliding to reshape the center of
American innovation.

San Francisco's Salesforce Tower opened almost five years ago as a
monument to the region's tech-driven economy, piercing the skyline as
the tallest office building on the US West Coast. It symbolized a boom
for the city's downtown, alongside a new futuristic transit center and
an elevated park spanning nearly four blocks.

On a recent afternoon, just a smattering of people walked the park's
trail, some of them tech workers wearing badges and company-branded
clothing. Nearby restaurants were open, but without the lines that
once snaked out the door.

It's no wonder. These days, the signature 61-story tower is partially
empty. Salesforce Inc., the main tenant and the city's largest private employer, is embracing flexible work -- and, like many tech giants,
cutting jobs. Nearby is a skyscraper leased by Meta Platforms Inc.
Last month, the Facebook owner announced plans to fire 11,000 workers worldwide.

As mounting signs point to a global recession in 2023, perhaps nowhere
in the US stands to struggle more than San Francisco, the center of
the technology boom that's now fast unraveling. Nearly three years
into the Covid era, persistent work-from-home habits, inordinately
expensive real estate, homelessness and crime are colliding to
threaten the city's growth and its spot among the world's top-tier metropolises.
...
...
Last week, Mayor London Breed said that San Francisco faces a $728
million budget gap over the next two fiscal years because of the slow
recovery and tech cutbacks, warning that city departments should find
ways to lower costs.

<https://www.bloomberg.com/news/articles/2022-12-19/san-francisco-s-feeling-the-pain-of-big-tech-s-troubles-remote-work>

--- SoupGate-Win32 v1.05
* Origin: fsxNet Usenet Gateway (21:1/5)