Tech
Can Big Tech Curb A Housing Crisis It Helped Cause?
Affordable housing has become a crisis on the West Coast, due in large part to the expansion of the tech industry. Cities like San Francisco, San Jose and Seattle have all seen rising housing costs with the influx of tech workers who tend to make much more money than natives who aren’t employed by a major tech company. This has prompted Amazon, Apple, Facebook and Google to chip in, but some community members are saying it’s too little, too late.
Affordable housing has become a crisis on the West Coast, due in large part to the expansion of the tech industry. Recently, these major tech companies have pledged money and support to curb the affordable housing crisis in their communities, but it has left some community members wondering if they’re doing enough, and if it’s too little, too late.
“We’re being ignored.” Liz González, a contributor at Silicon Valley De-Bug, voiced her concerns about the expansion of Google into San José. “We’re being displaced, and folks who have no long term interests in this community get to decide what it looks like and who gets to live here.”
The Bay Area, which includes major cities like San Francisco and San Jose, has the third largest population of people experiencing homelessness in the U.S. behind New York City and Los Angeles. Seattle comes in at number four in the U.S. In the Bay Area, 64% of those individuals are unsheltered, and in Seattle, 47% are unsheltered.
The growing number of tech workers created a housing shortage in the Bay Area, with an 8.4% increase in population and less than a 5% increase in housing units between 2010 and 2018. The increasing salaries of these tech workers created staggering housing prices, with software engineers making a starting salary of about $160,000 annually at Apple, Google and Facebook, 40% more than the national average for the same job. Rent prices in the Bay Area increased 21% from 2010 to 2017 when adjusted for inflation. For context, in the same time period, rent prices in New York City increased 9%. These were major contributing factors to the Bay Area’s housing crisis.
“They’re making it very difficult for people who’s been here for a very long time to live here,” explained Tamara Mitchell, a volunteer at the Coalition On Homelessness in San Francisco. Tamara has experienced homelessness due to the lack of affordable housing in the area. “It kind of feels like they’re pushing you out of your home.”
For U.S.-based tech-related jobs in 2018, Google employed 95% white or Asian individuals and 74% male-identified individuals, Apple employed 84% white or Asian individuals and 77% male-identified individuals, and Facebook employed 93% white or Asian individuals and 78% male-identified individuals. A high percent of these tech employees live and work in the Bay Area. However, according to estimated data from the Census Bureau in 2018, the Bay Area is home to 67% white or Asian individuals. Tech companies are disproportionately hiring white and Asian male-identified individuals for tech jobs, leaving lower-wage jobs for mostly black, Hispanic and Latinx individuals.
Google has pledged $1 billion to help stop the housing crisis. Facebook helped create the Partnership for the Bay’s Future which will gather $500 million for the cause. Apple is giving $2.5 billion to the cause, and in Seattle, Microsoft is chipping in $500 million, while neighbors Amazon have opened a homeless shelter on their downtown campus. Amazon also says it’s contributed $38 billion into Seattle’s economy since 2010.
The affordable housing crisis in the Bay Area and Seattle is changing the landscape and makeup of the communities that fostered the tech boom. Companies like Apple, Google, Facebook and Amazon have stepped up to provide support, but some believe their contributions are more for the press than for the sake of the community. Regardless of their intentions, many West Coast communities are calling out for help as they tackle this state of emergency caused by companies created in their own backyards.
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Can Big Tech Curb A Housing Crisis It Helped Cause?
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CNBC’s Katie Tarasov has the details. Watch the related video for full report.
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Reporting by: Michael Wayland
Produced and Camera by: Natalie Rice
Edited by: Darren Geeter
Senior Managing Producer: Tala Hadavi
Additional Footage: Slate Auto
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CNBC Takes A First Look At Slate Auto’s $25,000 Modular Cars
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Chapters:
0:00 – 2:06 Introduction
2:07 – 4:49 Off-grid solutions
4:50 – 9:00 Upgrading the grid
9:01 – 11:44 Smaller data centers
Produced by: Jeffrey Kopp
Senior Director of Video: Jeniece Pettitt
Tech Correspondent: MacKenzie Sigalos
Edited by: Erin Black, Matt Soto
Camera: Donny Rowles
Animation: Jason Reginato, Emily Park
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The Race To Power AI Is Reshaping America’s Electric Grid
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00:58 Correction: The location tag should be Beijing, China.
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China’s Swagger After India’s iPhone 18 Leak
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Chapters:
0:00 Introduction
2:06 ‘Most popular person on the planet’
6:54 Making room for smaller players
9:10 Can new U.S. fabs ease the crunch?
Producer and Reporter: Katie Tarasov
Edited by: Matt Soto, Andrew Evers
Camera: Eddie Temborski, Robert Lampe, Evan Reinhardt
Senior Director of Video: Jeniece Pettitt
Animation: Jason Reginato, Emily Park
Additional Footage: Cerebras, D-Matrix, Getty Images, Intel, Nvidia, OpenAI, SpaceX, TSMC
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@kathieharine5982
December 31, 2023 at 6:08 pm
AI can code. Software engineers will soon be jobless and homeless.
@blue1q3lovely
December 31, 2023 at 6:08 pm
I don't know why anybody so surprised! white people enslave black people. and they set up the Laws that black people do not get ahead. only a few tokens Blacks. U whites needs to pay us for building USA!
@chadachwilliam5515
December 31, 2023 at 6:08 pm
Can it? Yes
Will it? No, not unless there is profit potential
@jjranger5022
December 31, 2023 at 6:08 pm
Liberals you got what you deserve , so eat the cake you created with no milk. You caused this no one else liberal woke agenda
@steveballance6062
December 31, 2023 at 6:08 pm
Not likely! Greed seems to be the focus of corporate America. That 2% at the top could give two sh$ts about the American people or America. America is all but finished as a nation. Like in Russia, no one will fight to support treason! China or India will be the next world power in history
@ninehundreddollarluxuryyac5958
December 31, 2023 at 6:08 pm
I am 65, and have been working to pay the rent my whole life. There has never been a time when I didn't pay 2/3 of my income for rent. The only times I was able to save up for a used car or something big, is when I moved out of an apartment and into abandoned buildings for six months or so over summer (an emergency measure every time the car broke or was towed)
@tanujSEM
December 31, 2023 at 6:08 pm
It doesn't mean the growth of capitalism and machinery won't come in conflict with majority,decisive being proletariat as Engels rightly said "abolition of anti thesis between town and village is utopia just like abolition of anti thesis between capitalist and wage workers"
@youtubetroll6620
December 31, 2023 at 6:08 pm
big business pays tech to advertise products, rent and housing goes up, now consumers don't have money to buy products that they are advertised on tech platforms….COUNTER PRODUCTIVE TECH BASICALLY TRICKED AND ROBBED BIG BUSINESS AND CONSUMERS…WTF
@songer1018
December 31, 2023 at 6:08 pm
Wtf! Why are you lumping whites with Asians?
@andartedesign3692
December 31, 2023 at 6:08 pm
If as rent starts to rise and the government intervenes to stop this (opportunistic) increase. This crisis in this area may have been avoided, but as the US insists on this Liberal policy of "non-state intervention" things will never change.
@akkshheyagarwaal7629
December 31, 2023 at 6:08 pm
It's funny how you show that San Jose houses 'White or Asian' individuals. My perspective showed me only Asian, Asian and Asian #justsaying
@jashannon
December 31, 2023 at 6:08 pm
All the cities in the whole country pretty much are to blame for not having rent control in place which should be tied to the minimum wage
@Ccrippie
December 31, 2023 at 6:08 pm
“White and Asian Males” I guess the numbers weren’t string enough to “vilify” White men alone… white men evil… got it.. thanks CNBC
@FaceSilence
December 31, 2023 at 6:08 pm
The future will have governments replaced by corporations. Nations replaced by branding. This is rediculous government is so blunted and useless. We need aggressive action!
@danilosalesvalim
December 31, 2023 at 6:08 pm
Companies should have no social responsibility. That's government's job. Companies are supposed to be profitable and pay taxes, a lot of taxes.
The cities purposely limit the house supply by not changing the zoning to allow apartment complex and such to be developed in the area.
@jasonmatias2597
December 31, 2023 at 6:08 pm
victim mentality entitled
@redredmane5544
December 31, 2023 at 6:08 pm
So the whole point of working is to have all your money go toward taxes and chickenshit regulations!???!
@richardcorley364
December 31, 2023 at 6:08 pm
All because of greed and force good people on the streets and living in tents that's where all you rich people messed up
@stephenriggs8177
December 31, 2023 at 6:08 pm
Two things stand out: 1) How has New York done such a good job sheltering its homeless, and what can be learned from that city's efforts? 2) Why should salaries drive housing prices? It shouldn't be a matter of what successful tech workers CAN pay but what they're willing to pay.
@kobee463
December 31, 2023 at 6:08 pm
their salary is not enough to pay the rent
@mctwain5319
December 31, 2023 at 6:08 pm
Thank you chosen space people for keepin it gangsta !
https://youtu.be/-5HTimy3oF4
@IAMONELUVNOW
December 31, 2023 at 6:08 pm
This is about city council members who don't have the communities best interests. This is why you must pay attention to these positions and vote like your life depends on it.
@joepizzo5388
December 31, 2023 at 6:08 pm
Isn't this really the landlords' doing? Why wasn't that even mentioned??
@sallyclay1974
December 31, 2023 at 6:08 pm
The problem is, no more middle class, too many poor and uneducated, a worldwide homeless crisis, greedy corporations, too many luxury senior housing places being built, not enough affordable housing, less and less jobs for the poor, a worldwide immigration problem a wider gap between the rich and ,the poor.
@stevindouglas2893
December 31, 2023 at 6:08 pm
the only solution to this problem is when the people stops voting for Democrats
@TomM60
December 31, 2023 at 6:08 pm
I have to laugh at the problems in California. They brought it upon themselves since big tech people are "left" leaning employees. I read another article a lot of them are coming from India and those people aren't just left they are communist minded people so as far as I'm concerned California can slide into the ocean and make this a better country because that state proves socialism doesn't work.
@arturogarcia9946
December 31, 2023 at 6:08 pm
I'm not paying rent I rather be homeless for 10years live in a van life save lots of money 💲 buy a 30.000$ tiny house 🏡 problem salvd common people think shelters should teach people about the Bible and job training no Drugs near shelters because there's always a Drug dealers in side of the shelter for ever they need to kick out that kind of people till they get tired and think about getting a eazy job and not Destroying the world 🌎 because one Drug dealer can destroy the world example trash all over the streets
@Jenny-tm3cm
December 31, 2023 at 6:08 pm
Everyone’s like “move somewhere where housing costs are less”
You realize people here can’t afford housing either, right? How are you supposed to afford $1000 a month for your entire family on a $8 an hour wage? If you’re lucky enough to make more than the $7.25 minimum wage that is
@Epiphanystone
December 31, 2023 at 6:08 pm
Now all these same tech people are moving to Austin to create the same situation since they’ve ruined San Francisco…
@lillianmurphy3937
December 31, 2023 at 6:08 pm
So? San Fransico / Sillicon Valley has become a more in-demand place to live in… naturally prices will rise. If low-income people can't keep up, they should move. That's good, healthy economics.
@kenyup5424
December 31, 2023 at 6:08 pm
You know what, I always admire the America which the poor ppl can has voice
@darrenshore5853
December 31, 2023 at 6:08 pm
Did that guy quote "breaking up churches" in same sentence as important stuff, what a joke of a statement
@alejandrocabrera5295
December 31, 2023 at 6:08 pm
Well Tech did help solve the Bay Area's housing crisis, by having their workers work from home and leaving San Francisco.
@DanielBMaximoff
December 31, 2023 at 6:08 pm
California is every American's worst nightmare.
@aerohk
December 31, 2023 at 6:08 pm
What’s wrong with leaving the Bay Area if they can’t make enough money?
@randomguy7175
December 31, 2023 at 6:08 pm
Welcome to Democrats ruled segregation.
@aaronfisher5989
December 31, 2023 at 6:08 pm
Boycott Rent
https://youtu.be/i4YiJhUwR8I
@putler965
December 31, 2023 at 6:08 pm
Big Tech didn't cause this problem, SF's government did.
@Cognitive_player
December 31, 2023 at 6:08 pm
disliked because of 2 unskippable 15 second long ads
@generalshepherd457
December 31, 2023 at 6:08 pm
Everything that comes in contact with facebook turns to rubbish
@sunitadwarka347
December 31, 2023 at 6:08 pm
We have solutions to this problem, which will be win win case for local residents, companies and employees. It's all depend on company's, they may agree or will not agree, even if plan is good. I will give to Donald Trump. I would like to keep it secret.
Rise in rent, other problems can increase crimes rate in local areas.
Namh shivay.
@ginoluciano8173
December 31, 2023 at 6:08 pm
Too bad California and Washington make up the entire world
@KLove89
December 31, 2023 at 6:08 pm
It's not just their salary. It's the flood of people trying to move there. When you have 40 people filling out apps for rent you can raise the price till that number starts to decrease. If people keep applying they won't stop jacking up the prices unless the local government. Or even state government sets some sort or regulations on what is a reasonable rent for a Givin location. And there it is. Don't forget to throw race in there cause nothing in this world can happen without bringing race into it.
@tranquilityrules
December 31, 2023 at 6:08 pm
https://youtu.be/kJH4wSW_X5A ; https://youtu.be/8ZIivDZdlMQ ; https://youtu.be/7qUe6-mgJe8 ; https://youtu.be/hAvExsnjgwA
@raphaelamorim
December 31, 2023 at 6:08 pm
The solution is really simple: government has to stop intervention on new constructions
@800mEric
December 31, 2023 at 6:08 pm
Good job NIMBYs
@eetutiiro4808
December 31, 2023 at 6:08 pm
imagine of you were allowed to build something other than useless single family suburbs with rular density in housing shortage