{"id":37121,"date":"2015-10-09T11:15:36","date_gmt":"2015-10-09T18:15:36","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=37121"},"modified":"2020-10-05T13:12:03","modified_gmt":"2020-10-05T20:12:03","slug":"the-second-silicon-valleys","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/the-second-silicon-valleys\/","title":{"rendered":"The Second Silicon Valleys"},"content":{"rendered":"<p>Anyone wondering how Bay Area home prices are affecting its residents can just ask a real estate agent. Redfin today is releasing data showing that the number of Bay Area homebuyers represented by Redfin\u2019s Portland agents has tripled in the past year. For our Seattle agents, that number has doubled.<br \/>\nAs <a href=\"http:\/\/www.nytimes.com\/2015\/10\/09\/technology\/seattle-in-midst-of-tech-boom-tries-to-keep-its-soul.html?action=click&amp;pgtype=Homepage&amp;region=CColumn&amp;module=MostEmailed&amp;version=Full&amp;src=me&amp;WT.nav=MostEmailed\">the New York Times\u2019s Nick Wingfield reported this week<\/a>, the largesse of Silicon Valley has come to cities like Seattle, Portland and Austin, bringing with it high-paying jobs and more tax revenues, but also new challenges to the city\u2019s affordability and diversity.<br \/>\nThis is a long-term trend. Earlier in 2015, we had noticed that <a href=\"https:\/\/redfin.com\/blog\/2015\/05\/the-digital-diaspora.html\">one in four Bay Area home buyers was searching for homes outside the Bay Area<\/a>, up from one in seven in 2011; as Redfin executive Adam Wiener said at the beginning of this year, \u201cthe dam has broken.\u201d<br \/>\nNow at Nick\u2019s request, Redfin looked at Redfin home buyers who completed a sale between January and July, in 2015 compared to 2014. How many had at least 20% of their sessions on Redfin.com originating from a Bay Area Internet address?<br \/>\n<a href=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2015\/10\/Bay-Area-Transplants.png\"><img fetchpriority=\"high\" decoding=\"async\" class=\"size-full wp-image-37122 alignnone\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2015\/10\/Bay-Area-Transplants.png\" alt=\"Bay Area Transplants\" width=\"747\" height=\"279\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2015\/10\/Bay-Area-Transplants.png 747w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2015\/10\/Bay-Area-Transplants-300x112.png 300w\" sizes=\"(max-width: 747px) 100vw, 747px\" \/><\/a><br \/>\nAs the stock market has faltered, Redfin agents see more people leaving the Bay Area, where salaries alone often aren\u2019t enough to pay for homes.<br \/>\nThe opportunities created by this migration for other American cities are breathtaking. But because so many of us at Redfin saw firsthand how wealth changed San Francisco in the absence of growth planning, we\u2019ve been an advocate for the thoughtful approaches to diversity and affordability proposed by local governments here in the Northwest, in Denver and Austin.<br \/>\nThis is a topic we\u2019ve addressed in several forums, including at Startup Grind last month (minute 41):<br \/>\nWe can\u2019t just stick our heads in the sand. It seems like both the folks wary of a technology economy and <a href=\"http:\/\/www.bothsidesofthetable.com\/2015\/09\/27\/why-i-fucking-hate-unicorns-and-the-culture-they-breed\/\">the ones who have created it<\/a> have almost begun to hope that this is all just a bubble about to burst. The current boom has brought the future to San Francisco early, and parts of it have made America\u2019s most beautiful city less livable: the income gaps, the declines in racial and occupational diversity, the crowds, traffic and housing problems, the acquisitiveness of new wealth.<br \/>\nAfter five years of hyper-capitalism, many of my own San Francisco friends just want city life to return to the way it was. But it won\u2019t. There are some absurdly overvalued companies to be sure, but the unprecedented profit and profit margins of Apple, Google and Facebook suggest that the change tech is bringing to business and society is permanent.<br \/>\nInstead of waiting for it to go away, or acting as if high-paying, creative jobs are a curse, businesses and government just have to be deliberate about building the cities we\u2019ve always imagined. The good news is that we can, through education, tax policy, home-building, infrastructure &#8212; and a commitment among new-economy companies to pay a living wage to all the people doing the work. This is a topic Redfin will return to later this year and next, with more data and hopefully more ideas too.<br \/>\n<strong><span style=\"font-family: 'Georgia',serif;color: #333333\">Other popular posts:<\/span><\/strong><\/p>\n<p style=\"text-align: start\"><span style=\"font-family: 'Georgia',serif;color: #333333\"><span style=\"font-family: 'Georgia',serif;color: #333333\">1.\u00a0<a href=\"https:\/\/redfin.com\/blog\/senior-guide-for-decluttering\">Senior Guide for Decluttering and Feeling at Home in a Retirement Home<\/a><\/span><\/span><\/p>\n<p style=\"text-align: start\"><span style=\"font-family: 'Georgia',serif;color: #333333\"><span style=\"font-family: 'Georgia',serif;color: #333333\">2.\u00a0<a href=\"https:\/\/redfin.com\/blog\/vegan-cruelty-free-home-guide\">How to Make Your Home 100% Cruelty-Free and Vegan<\/a><\/span><\/span><\/p>\n<p style=\"text-align: start\"><span style=\"font-family: 'Georgia',serif;color: #333333\"><span style=\"font-family: 'Georgia',serif;color: #333333\">3.\u00a0\u00a0<a href=\"https:\/\/redfin.com\/blog\/soundproof-your-home-for-playing-music\">Simple Soundproofing Tips for the Musician&#8217;s Home<\/a><\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The influx of technology workers will bring more wealth to cities like Portland and Seattle, but also new challenges. We can\u2019t just stick our heads in the sand.<\/p>\n","protected":false},"author":13210,"featured_media":37135,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[57],"tags":[66,70,68],"dashboard":[],"coauthors":[],"class_list":["post-37121","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-company-news","tag-agents","tag-home-buyer-tips","tag-local"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.5) - 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