The finance industry is entirely dependent on proximity, even more so with the increase of algo. At the highest level of business-dealings, your company has to be within "10 minutes midtown mid-afternoon traffic" distance from the people you meet with (clients and other financial companies) in order to be taken seriously. This is why NY hedge funds tend to be clustered around Midtown East and banks are around Battery Park.
The tech industry doesn't really have such requirements. People are comfortable with working remotely and using video conferencing; more importantly, the tech industry doesn't have regulatory requirements like the financial industry does that require people to conduct business from a physical office.
Whether SF is sustainable or not, well, I lean towards not, but in the long-term it looks pretty bad socioeconomically. Personally, I have no desire to live in the bay area and look for work elsewhere.
Signed: Former hedge fund employee and New Yorker.
The tech industry doesn't really have such requirements. People are comfortable with working remotely and using video conferencing; more importantly, the tech industry doesn't have regulatory requirements like the financial industry does that require people to conduct business from a physical office.
Whether SF is sustainable or not, well, I lean towards not, but in the long-term it looks pretty bad socioeconomically. Personally, I have no desire to live in the bay area and look for work elsewhere.
Signed: Former hedge fund employee and New Yorker.