San Fran

San Francisco must be careful. San Francisco’s population plummeted by more than 100,000 residents from 2020 to 2021. They may be following Detroit which was a thriving city of 2 million in the 1950's but started to decline in the 1960's and today stands at 700,000. As people left the city the tax base fell and this snowballed. The current demographics stand at 48% White and 33% Asian American and the income gap is higher than any other city. The tech industry with its disproportionate number of Asian Americans adds to the income gap. City and state taxes are high and one half of one percent of the tax payers pay 40% of the tax. Low and middle income groups avoid most of the income tax but get hit with sales tax. The pandemic has accelerated the move toward working from home and this allows many high tech workers to move further away from the city. This could snowball and end up like Detroit.