Leon Sultan was raised in San Francisco. It was once a place for growing families, but right now it’s a thriving tech industry and it is also home to some of the highest housing costs in the United States. Homeowners are now in retreat and even homelessness is surging. Mr. Sultan currently lives with his wife and 4 year-old son, but when they move, their rent is going to double.
Mr. Sultan, along with many others thinks that the Bay Area technology boom could actually be to blame. He believes that this has created a huge wealth divide and that there has been a huge amount of growing backlash as well. For years, the tech giants look to have faced their critics without taking a hit, but right now, things could be
about to change. Google have stated that they are going to be investing over $1 billion in housing and Facebook are following in their footsteps. Apple have chosen to outdo them all and they are investing $2.5 billion. Of course, when you look at how much the tech industry has changed other industries, it isn’t surprising to see how much of an impact it can have. Take the casino industry and even top-ranked names such as casino NetBet. They have thrived under the influence of technology and the main reason for this is because technology is growing more and more by the year. If the profit the tech industry is making could be applied to the housing industry, then this could be enough
to turn things around.
Tim Cook, who is the boss of Apple has come out to say that that he believes that the course that they are on right now is unsustainable. The tech industry needs to acknowledge the housing industry and top players need to know that they are in fact playing a role in the current housing crisis. The uprising of Silicon Valley has caused problems and tech giants have been pressed with issues like this for years. That being said, could all of this be a sign that things are going to change?
As the tech industry boomed, housing prices also boomed. Rent in the Bay Area rocketed, and they have become somewhat unmanageable as well. Some believe that they are the highest in the US too. The problem? Wages in the area have not increased by as much as the housing prices and this has really had an impact on the people who live there. Of course, only time will tell if this is going to make a difference or if a bigger change needs to be made. Either way, it’s good to see that the crisis is being acknowledged and that more is being done to support those who are in need. Is this just throwing money at a problem and hoping that it is going to go away though? Or is it going to lead to bigger and better improvements?