#1,654 - Bay Area exodus: Wealthy resident departures worsen ‘doom loop’ fears

Wealthier residents, liberated from the office by remote work, are leaving the Bay Area at a higher rate than before the pandemic — a trend that could exacerbate a dreaded economic “doom loop” for the region’s slowly recovering job centers and downtown cores.

In 2021, households earning more than $150,000 made up 32% of all those moving out of the nine-county Bay Area, up from 27.6% in 2019, according to a new analysis of census data by the Bay Area Council Economic Institute.

Although most of those departing are lower-income residents struggling to afford the region’s high housing costs and living expenses, the uptick in wealthy households moving out is beginning to strain local tax bases, said Abby Raisz, the institute’s research director.

“The implications are really serious,” Raisz said. “We have to start thinking pretty creatively to break this cycle.”

Downtowns across the Bay Area grappling with how to respond to shuttered businesses and empty office buildings are also facing less money flowing into public budgets for essential services and transit. The multiple challenges could leave cities trying to dig out of a deeper hole amid a time of economic uncertainty.

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