Permanent Moves From SF Have Fallen to Pre-Pandemic Levels

Much has been written about a great migration out of San Francisco. The population shrank by 1.4% between July 2019 to July 2020, but like most moves during the COVID-19 pandemic, they were within the same metro area. As the economy recovers, San Francisco and San Mateo counties added 17,200 jobs.

  • San Francisco Lost $400MM of Tax Revenue in 2021

    San Francisco Mayor London Breed said that workers are not returning to the office which has resulted a loss of $400MM in tax revenue. Some of the reasons for this is fewer people in the city (while not an exodus, the office vacancy rate is more than 24%) but I suspect this is also due companies moving out of SF for tax reasons (Stripe moved to Oyster Point).

  • San Francisco Population Fell 6.3% from 2020 to 2021

    During the early part of the pandemic (July 2020 to July 2021), the population of SF fell 6.3%—the biggest population decrease in the US. Given the number of tech workers in SF, this could represent a significant redistribution of tech talent to other geographic areas.