An analysis of Census data by the Bay Area Council Economic Institute shows that wealthier residents are leaving the Bay Area at a higher rate than before the pandemic.
The report showed, “Households earning over $150k moved away from the Bay Area at a higher rate during the pandemic than they did in 2019, while lower-earning households, more likely to work in industries requiring in-person work, moved away at a lower rate.”
So, who did move to the Bay Area? “New data for July 2022 show a significant uptick in foreign immigration, as travel restrictions loosened for international newcomers.”
The San Francisco and San Jose metro areas collectively lost 147,000 people during the pandemic; joining only Los Angeles and San Diego as larger regions to have lost population.
Not helping matters, back in February, the Bay Area Council Economic Institute released data showing that San Francisco has the highest business tax rates for large companies in the Bay Area. Oakland and Berkeley came in second and third for the highest tax rates for large companies.