Unintended benefit of covid-19, more affordable rent?

Bucky · May 23, 2020

Facebook CEO Mark Zuckerberg on Thursday said he predicts that 50% of the company’s employees could be working remotely within the next five to 10 years.

“We’re going to be the most forward-leaning company on remote work at our scale,” Zuckerberg said.

The company will begin allowing certain employees to work remotely full time, he said. Those employees will have to notify the company if they move to a different location by Jan. 1, 2021. As a result, those employees may have their compensations adjusted based on their new locations, Zuckerberg said.

“We’ll adjust salary to your location at that point,” said Zuckerberg, citing that this is necessary for taxes and accounting. “There’ll be severe ramifications for people who are not honest about this.”

Zuckerberg: 50% of Facebook employees could be working remotely

So if more people move out of Silicon Valley and these other high-cost cities for rent - Seattle, New York, will that mean these cities for simple survival, have to lower their high rent costs if all these tech workers flee?

We might be seeing a rotation where these cities will see some relief and other cities see an unexpected rent hike.

Waddy · May 23, 2020

Bucky said:
Zuckerberg: 50% of Facebook employees could be working remotely

So if more people move out of Silicon Valley and these other high-cost cities for rent - Seattle, New York, will that mean these cities for simple survival, have to lower their high rent costs if all these tech workers flee?

We might be seeing a rotation where these cities will see some relief and other cities see an unexpected rent hike.

The tax money those cities will lose will probably mean higher taxes for those remaining. But this is one way of moving your company out without actually moving your company out. Maybe sending the city a message?

Unintended benefit of covid-19, more affordable rent?

Bucky

Waddy