Founders, Silicon Valley investors, and executives are returning to San Francisco after fleeing during the pandemic almost four years ago.

Technology founders even boasted about their success in securing funding outside the Bay Area and pushed for remote work among their employees. 

But despite the city suffering high levels of crime and homelessness, virtually rendering parts of downtown a no-go area, slowly but surely those involved in the tech industry are making a return to the City by the Bay.

Notable tech figures, like Elon Musk who has long criticized San Francisco’s political culture, has been back in the city since October 2022 when he purchased Twitter, now X together with its headquarters. 

Entrepreneurs and investors are returning with the city now at the forefront of the latest revolution in emerging tech, as AI slowly becomes more mainstream, according to the Wall Street Journal. 

Notable tech figures, such as Elon Musk , who has long criticized San Francisco’s political culture, has been back in the city since October 2022 when he purchased Twitter, now X together with its headquarters.

The headquarters of X occupies a pride of place position in San Francisco’s downtown area

After a pandemic-induced exodus from San Francisco by founders, Silicon Valley figures, and tech execs, there is a notable return to the city, driven by new tech. Pictured, the Golden Gate Bridge in San Francisco

Companies like OpenAI, which run ChatGPT, are leasing new buildings in the city while other Bay Area tech companies are reinforcing return-to-office mandates, with Robinhood Markets and Chime now implementing stricter policies for staff.  

OpenAI’s CEO, Sam Altman, has his main home in San Francisco’s Russian Hill neighborhood. 

Tech institutions like Y Combinator are also expanding their presence in San Francisco, while some co-founders, like those of fintech startup Brex, have returned after initially moving to other cities during the pandemic.

In 2020, venture capitalist Keith Rabois encouraged startup founders to leave San Francisco altogether for Miami, citing the latter’s safety, lower taxes, and tech-friendly mayor.

OpenAI’s CEO, Sam Altman, has his main home in San Francisco’s Russian Hill neighborhood

Companies like OpenAI which run ChatGPT are leasing new buildings in the city

The city’s longstanding tech reputation, proximity to renowned universities for engineering talent and a recent AI boom are all factors drawing people back

Rabois, now at Khosla Ventures, but who has had significant success with Airbnb and DoorDash, described San Francisco as ‘miserable on every dimension’ in a tweet.

But now that strategy has changed and it appears the tide is turning with several of the startups he supported now relocating or establishing offices back in San Francisco in order to improve their  ability to attract engineering talent. 

Rabois, an early executive at PayPal recognized in Silicon Valley for both his outspoken opinions and successful investments, relocated to Miami a year after joining Founders Fund. 

In Miami, he purchased a $29 million waterfront property and established a new office for the firm. 

This move coincided with a period of low-interest rates, fostering a surge in startup funding and prompting various venture firms to expand their presence nationwide.

Miami’s mayor, Francis X. Suarez, even declared the city as the world’s crypto capital.

But last year, venture investment in Miami saw a massive 70 percent plunge with just $2 billion invested last year.

Keith Rabois, now at Khosla Ventures, but who has had significant success with Airbnb and DoorDash, had previously described San Francisco as ‘miserable on every dimension’ 

Howie Liu, CEO of enterprise startup Airtable, has increased his time in San Francisco to meet with sales customers after spending a significant part of the pandemic in Los Angeles

Henrique Dubugras, co-founders of the fintech startup Brex, returned to San Francisco 

One AI startup, Delphi, secured funding from Rabois in Miami and has moved the HQ to San Francisco.

Traba, a contracting startup also initially backed by Rabois three years ago, opted to open an office in New York, where a majority of its employees now operate. 

Similarly, OpenStore, an e-commerce venture co-founded by Rabois in 2021, established a new engineering hub in the Bay Area last year, although Rabois notes the  majority of the startup’s workforce remains based in Miami.

Nevertheless, Silicon Valley leaders are beginning to engage in local politics once again and looking out for the safety of families and businesses moving back to the area.

Despite a 12 percent decline in investment for Bay Area startups to $63.4 billion last year, San Francisco has demonstrated resilience compared to smaller tech hubs like Austin (27 percent decrease) and Los Angeles (42 percent decrease).

Plenty of others are also returning. Mo Koyfman, the founder of venture firm Shine Capital, believes San Francisco has staying power having had its tech businesses built over the last several decades with the pandemic being a mere blip in terms of time. 

Ben Horowitz, co-founder of venture firm Andreessen Horowitz, chose to reside in Las Vegas during the pandemic, where he continues to live

Peter Thiel, a billionaire investor and founder of PayPal, Palantir Technologies and the Founders Fund, has made Los Angeles his home

Erik Torenberg, an investor in startups Scale AI and Figma, recently moved from Miami to San Francisco, where he is working on a new media company

Last year, Henrique Dubugras and Pedro Franceschi, left, co-founders of the fintech startup Brex, returned to San Francisco after coming under investor pressure

Prestigious universities such as Stanford are a key reason as any why top-tier venture firms must maintain a presence in the Bay Area, Koyfman believes.

Shine opened an office in San Francisco this January despite its HQ being in New York City.

Last year, Henrique Dubugras and Pedro Franceschi, co-founders of the fintech startup Brex, returned to San Francisco under investor pressure after relocating to Los Angeles, New York City, and then Miami during the pandemic. 

Despite the company’s valuation soaring to $12 billion, Brex laid off 20 percent of its workforce earlier this year.

Howie Liu, CEO of enterprise startup Airtable, has increased his time in San Francisco to meet with sales customers after spending a significant part of the pandemic in Los Angeles. 

Erik Torenberg, an investor in startups Scale AI and Figma, recently moved from Miami to San Francisco, where he is working on a new media company.

Elon Musk temporarily moved Tesla’s headquarters to Austin from northern California during the pandemic but he has been spending time in the city overseeing X and xAI, the artificial intelligence startup incorporated last year.

Max Gazor, a general partner at venture firm CRV and board member at Airtable, emphasized that the intellectual talent in San Francisco remains unparalleled, particularly in the field of AI, where companies have innovated at lightning speed.

In recent weeks, Bay Area tech companies have been enforcing return-to-office mandates with stricter measures. 

Trading app Robinhood Markets announced in January that managers would monitor employees’ office attendance based on badge swipes after an earlier policy failed. 

Fintech company Chime also implemented return-to-work policies, requiring local employees to come in two days a week.

But not all tech leaders who left San Francisco in recent years have returned. 

Ben Horowitz, co-founder of venture firm Andreessen Horowitz, chose to reside in Las Vegas during the pandemic, where he continues to live. 

Peter Thiel, a billionaire investor and founder of Founders Fund, has made Los Angeles his home.

San Francisco owns one of the worst crime rates in the nation, and is ranked as safer than just 1 percent of US neighborhoods, according to crime tracker Neighborhood Scout 

San Francisco is reeling from soaring crime, an emptying downtown, and residents moving away to safer, cheaper areas 

Despite CEO’s and investors showing they’re open to return, it is a different story when it comes to retail.

One recent snap, taken in the heart of the city’s famed shopping district earlier this month shows tourists wandering down a gutted Powell Street.

Instead of being graced with an array of shops, cafés, bars, and restaurants, the party is seen encountering countless shuttered storefronts.

More shots from photographer Erica Sandberg show more of the same, and how the thoroughfare that runs adjacent to the city’s Downtown, all the way from Market to Fisherman’s Wharf, has become a shell of its former self.

The sights, while startling, should come as no great surprise to anyone keeping up with the now-years-long saga of the crime-ridden, homeless-overrun city, which recently had two nets installed around its seminal bridge to prevent suicides.

One snap, taken in the heart of the city’s famed shopping district , shows a group of tourists wandering down a gutted Powell St – a way once bustling with businesses.

Instead of being graced with an array of shops, cafés, bars, and restaurants, the party is seen encountering countless shuttered storefronts

‘This pic infuriates me,’ wrote Sandberg, a self-employed San Francisco correspondent, in an impassioned post to X that laid bare the city’s current state

‘Tourists, who do a little thing called SPEND MONEY, walking down a gutted Powell St.’, she continued.  

‘[It] should be buzzing with shops, cafes, bars, restaurants, theaters, venues.’

Sandberg, in turn, categorized the fruits of her effort as both ‘depressing [and] embarrassing’ – not to mention a blow to the city’s still-struggling shopping scene.

A homeless camp is pictured in San Francisco’s Tenderloin district in December 2023

More shots from independent commentator Erica Sandberg show more of the same, and how the thoroughfare that runs adjacent to the city’s Downtown has become a shell of its former self

The sights, while startling, should come as no great surprise to anyone keeping up with the now-years-long saga of the crime-ridden, homeless-overrun city, which recently had two nets installed on both sides of its seminal bridge to stop suicides.

A short walk through the area will reveal how there are more closed storefronts than open ones, as businesses continue to flee due to high rents and diminished foot traffic

As mentioned, the 1.4 mile thoroughfare connects Market Street (seen here in this map of store closures) – once one of the most photographed spots Downtown – to Union Square, North Beach, Nob Hill, and Russian Hill before ending at the bay

That said, the district is merely one of many left a husk by the city’s continued homeless and crime crises, which took a turn during the pandemic and have since persisted.

The 1.4 mile thoroughfare connects Market Street – once one of the most photographed spots Downtown – to Union Square, North Beach, Nob Hill, and Russian Hill before ending at the bay, making it a prime destination.

Moreover, its southernmost point is only a stone’s throw from another famed shopping area, the Bay Area’s Mission District, which was recently rocked by a slew of restaurant closures on the equally iconic Valencia Street.

The roadway, located right on the cusp of the city’s embattled Downtown, was once considered one of the most sought-after strips of real estate, but today, like Powell, is reeling from store closures brought on by high rents and diminished foot traffic.

In comments to the San Francisco Chronicle, restaurant owner Rafik Bouzidi explained how he had seen a seemingly endless stream of terminations since opening his eatery in April. 

‘If you took me back before I signed the lease, I would have opened somewhere else,’ he told the paper in a recent interview.

‘Before COVID there was no way in hell you could find an available space on Valencia Street. Now, it seems like another restaurant shuts down every week.’

A few blocks away, restaurants on one of San Francisco’s Valencia Street, also one of the most storied in the country, are closing at an alarming rate – and owners say it’s because of crime

In comments to the San Francisco Chronicle, business owners recently explained how high rents and high rates of homelessness have led to a seemingly endless stream of terminations 

Homeless are seen returning to the streets in the Tenderloins district close to San Francisco’s Moscone Center where the APEC conference was recently held

A homeless encampment is seen along Leavenworth Street in the Tenderloin district, only a few blocks from Powell

Headlines featuring the phrases ‘garbage city, ‘ruined city’ and ‘fallen city’ capture how crippling drug issues and widespread homeless problems continue to remain an issue for residents.

The street then runs more than a mile north along some of the city’s most problem areas, which, as the photos of the stripped storefronts show, are continuing to affect businesses

There, right outside the Nancy Pelosi Federal Building, drug dealers set up shop in full view of the public on a daily basis, with users injecting and smoking with no interference from law enforcement 

The famous thoroughfare runs for more than mile along the city’s embattled Downtown, where open-air drug use is rife

Meanwhile, the situation at Powell – set on one of the stops of the so-called ‘Doom Loop’ of Union Square, City Hall, and Tenderloin and Mid Market – is even worse, with Union currently serving a hive of unsavory, post-pandemic activity, particularly on the street’s terminus on Market Street.

There, right outside the Nancy Pelosi Federal Building, drug dealers set up shop in full view of the public on a daily basis, with users injecting and smoking with no interference from law enforcement.

The street then runs more than a mile north along some of the city’s most problem areas, which, as the photos of the stripped storefronts show, are continuing to affect businesses.

Crimes like robberies and homicides, meanwhile, are on the rise, statistics show – and the city stands to lose $200 million a year in revenue through its business exodus – which has seen major hotels and retailers flee the city center.

Retail stalwart Old Navy announced they would be shuttering their flagship store in the area In October, after Nordstrom also announced they would be closing all of their locations in the city. 

Last April, Whole Foods announced it was closing all their locations, with Anthropologie and Office Depot having also made the same decisions leading some analysts to predict that the city has entered a ‘doom-loop’ of permanent decline.

The situation at Powell – set on one of the stops of the so-called ‘Doom Loop’ of Union Square, City Hall, and Tenderloin and Mid Market – is indicative of the current state of the city, with Union serving a hive of unsavory post-pandemic activity on the street’s terminus on Market

Late last year, the city was widely mocked by Chinese media as it prepared to host its President Xi Jinpingat the Asia-Pacific Economic Cooperation (APEC) summit – spurring it to clear out its encampments in the notorious Tenderloin and South of Market neighborhoods.

US Chinese Radio used the headline ‘Ghost town San Francisco to have major blood exchange as APEC will bring the safest week in history to the city.’

Other headlines featuring the phrases ‘garbage city, ‘ruined city’ and ‘fallen city’ capture how crippling drug issues and widespread homeless problems continue to remain an issue for residents.

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• With remote work, white-collar workers are moving around the globe. 
• Urban planner Richard Florida argues that cities can no longer be defined purely by geography. 
• When New York talent moves to Miami or San Franciscans move to Austin, new cities are being formed.

Many of the most vital global business and talent hubs aren’t the biggest or most economically powerful in the new world of remote work. As white collar, or so-called “knowledge workers,” choose to work outside of traditional offices, the world’s best talent is migrating from superstar cities like New York and London to places like Miami and Dubai.

This is leading to a network of so-called “meta cities,” according to a new report authored by urban planner Richard Florida and several Boston Consulting Group associates in the Harvard Business Review. Florida and his co-authors describe meta cities as “a web of cities that operate as a distinct unit and are attached to a major — often global — economic hub.” Rather than being defined by geography, a meta city is defined by the connections between hubs.

Using LinkedIn data between August 2022 and July 2023, the report looked particularly closely at the talent moving to and leaving New York, London, and San Francisco. When it came to New York, Miami both sent the most talent and received the most talent from the Big Apple, when adjusted for population size.

Similarly, Austin, Texas received more talent — dominated by tech —from San Francisco than from any other city.

“Austin’s rise is best understood as a satellite of San Francisco’s long-established tech hub,” the authors wrote. “Miami is enmeshed in New York City’s finance and real estate complex.”

Remote and hybrid work now allows workers to move to more affordable or otherwise attractive locations that better fit their lifestyles and desires. But even as people leave the most expensive cities, like New York, London, and San Francisco, those cities build connections to the new places their workers end up.

“The rise of the Meta City informs a counterintuitive logic: Leading superstar cities are seeing their role as economic hub expand, even as some talent and some industry disperse to satellite centers,” the authors write.

New York lost more talent to Los Angeles, Miami, and Austin than it gained between August 2022 and July 2023, while the Big Apple attracted more talent from San Francisco, Boston, Washington, DC, Chicago, London, Philadelphia, and Atlanta than it lost.

Meanwhile, London lost more talent to the United Arab Emirates, New York City, Dublin, and Paris than it gained. And it attracted more talent from Manchester, Birmingham, Bristol, Lagos, Edinburgh, Cambridge, and Bengaluru than it lost.

The report ranked global cities in three categories — global superstar hubs, global talent hubs, significant hubs, and regional hubs — based on how much talent flowed there. London and New York were the only two global superstar hubs.

Seven cities, largely in Asia and Europe — including Dubai, Singapore, Dublin, and Los Angeles — were put in the global talent hub category. These cities aren’t the largest or most economically powerful, but they “have leveraged cost, business friendliness, and — in the cases of Dublin and Dubai — affordable lifestyle advantages to emerge as major talent hubs,” the authors wrote. Also in the category was Bengaluru, the South Indian tech capital where Goldman Sachs recently opened its largest office outside of New York.

Florida, who’s also a professor at the University of Toronto, and his co-authors argue that business leaders need to adjust their understanding of the office and remote work based on the new geography of talent and economic connections. Businesses should use this new information to figure out where to find talent, where to set up new offices, and where to hold gatherings, the authors argue.

Rather than either forcing workers back to the office, or giving up on offices entirely, businesses should create places for their employees to connect and collaborate in their flagship offices as well as smaller satellite spaces in secondary cities in their network. The traditional office will likely give way to spaces designed primarily for meeting and collaboration, they argue.

“The companies that will be most successful are the ones that enable talent to do their job from where they are,” Florida recently told Fortune. “And that doesn’t mean giving up a physical platform.”

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High earners in pricey cities like NYC, Chicago and San Francisco — where tax rates are high and the cost of living is steep — could see their earnings go a lot further by moving to more affordable parts of the US.

To show how much NYC, Chicago and San Francisco’s high income earners — those on a salary between $150,000 and $650,000 — could save by making the move to Miami, SmartAsset compared tax rates and the cost of living in the four cities.

Key Findings:

• The difference in tax and living expenses will be most drastic for those moving to Miami from NYC, where workers on a high salary could save almost $200,000 annually. Thanks to Miami’s cheaper living and lower tax rates, someone earning $650,000 in Manhattan could save more than $195,000 by moving.

• People working in San Francisco would also benefit from significantly reduced living costs by making the move — while the California city’s cost of living is 83 percent higher than the US average, Miami’s is just 23 percent higher. The cost of living is also incredibly high in Manhattan, sitting 137 percent higher than the country’s average.

• San Franciscans on a $650,000 salary could enjoy savings of just over $150,000 every year if they relocated to Miami.

• The move to Miami isn’t really worth it for Chicagoans. High earners in Chicago would only gain around one percent of their salary by relocating, and their city’s cost of living is already five points lower than Miami’s.

Via SmartAsset.

[Image credit: Lance Asper]

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Andi, an artificial intelligence chatbot startup, is leaving Miami for Downtown San Francisco as its workers return to the office.

The move was motivated by the region’s better access to venture capital funding—thanks to the high concentration of potential investors based in San Francisco—and other resources, Andi CEO Angela Hoover told The Standard.

“The move to San Francisco has been exciting because of the community, the access to new resources and new ideas,” Hoover said.

Andi will move its headquarters to 600 California St. in the Financial District. Hoover said the company signed an office lease for a WeWork coworking space in March for $1,160 a month, and the lease will last until the end of 2023.

Andi’s key product is an AI chatbot, which is an alternative to other search engines such as Google, according to its website. The San Francisco Business Times first reported the move.

The move comes amid an influx of venture capital funding for the AI industry in San Francisco, which has seen $5.7 billion of funding for AI during the first half of 2023. Half of all VC investment in AI happened in San Francisco over that period.

READ MORE: San Francisco AI Companies Got $11B in Funding So Far This Year

The company is backed by $2.5 million in venture capital, Hoover said.

Hoover and co-founder Jed White have already been working out of the California Street office for about a month and plan to move three of the company’s four full-time workers back to the office. Andi also employs seven contractors who work remotely.

The startup’s website now says the company is based in San Francisco.

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An artificial intelligence company has announced it is moving from Miami to San Francisco.

The incoming move may be the best news San Francisco city leaders could possibly get at this time, with venture capitalists coming along for the ride.

“Building a startup, Silicon Valley is always in the back of your mind as a dream,” Andi CEO Angela Hoover said.

Hoover is moving her generative AI search company to San Francisco.

“And I think the way San Francisco is depicted in the media is different from the lived experience when you’re actually here,” Hoover said. “And so on my trips out I would just think to myself, ‘Hey, there’s a lot happening. I want to get more involved,'” Hoover said.

And having attended Bay Area AI meetups, Hoover met venture capitalists, who said when it comes to AI, the Bay Area is where the money is going.

“It is the hot spot,” said Jesse Coors-Blankenship, co-founder for Parkway Venture Capital. “There is something really special about Silicon Valley in that you have an ecosystem that is really unmatched when it comes to the engineering minds in the area.”

Hoover’s company has already pulled in more than $2 million in VC funding and has signed a lease in San Francisco.

“San Francisco is the beating heart of AI,” Hoover said. “It’s just the heart of the tech revolution right now.”

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Startup Andi is bidding adieu to Miami and moving to San Francisco, further chipping away at the yearslong hype over the Magic City becoming a tech mecca. 

Andi will open its headquarters at 600 California Street in San Francisco’s Financial District, according to the San Francisco Business Times, which first reported the story. The firm wants to be close to the Bay Area’s artificial intelligence talent and venture capital firms, Angela Hoover, CEO of Andi, told the publication. 

Founded in 2021, Andi is the maker of an AI-powered chatbot that offers a different option from search engines such as Google. The tool provides responses to questions that are targeted to the user’s query and skips ads and clickbait pages. 

Over the past three years, tech firms left San Francisco and homed in on cities such as Miami. Since late 2020, Miami’s real estate industry and Mayor Francis Suarez have buzzed over the city becoming a magnet for tech firms. Firms such as venture capital companies Founders Fund and Atomic inked deals in Miami’s Wynwood, a prime choice among tech firms and their venture capital backers. 

Yet, tech firms still have a stronger real estate presence in the Bay Area than in Miami. During the first five months of this year, tech leases signed in the Bay Area represented 23 percent of all office deals in that region, and 51 percent of the office square footage leased, according to data provided by CompStak, a crowdsourced database. This was bigger than South Florida’s share of tech deals. In the South Florida tri-county region, tech leases represented 5.9 percent of all office deals and 29 percent of the square footage leased. 

This year, San Francisco again started attracting AI-focused tech firms due to the amount of VC funding being pumped into the industry. The city experienced $5.3 billion in funding for AI companies during the first half of this year, The San Francisco Standard reported. 

— Lidia Dinkova

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It all started with a bong, a gas mask, and a Miami Dolphins team very much in need of offensive line help. Over they years, the Laremy Tunsil trade has given Miami so much joy but last weekend, that trade once again came to the forefront of the media headlines.

In 2021, the Dolphins, who held the number three overall pick from the Texans from that Tunsil trade, moved that selection to the 49ers. Miami would drop to 12 then move up to six and through the compensation of the 49ers deal, Miami netted three big-time starters.

Miami walked away looking fantastic and all three expect to be major contributors on this year’s team but for the 49ers who gave up two first-round picks to make the trade with Miami, drafted QB Trey Lance.

On Saturday last, the 49ers and Dallas Cowboys finished a trade that sent Lance to Dallas for a 4th round draft pick in 2024.

For most coaches and general managers, a trade of that magnitude with that level of failure would be met with pink slips. Not so for the 49ers because they at least found Brock Purdy in round 7 of last year’s draft.

While the 49ers are moving on from one of the biggest mistakes in NFL Draft history, the Dolphins are hoping that the three players they acquired as a result of that trade will put them over the top in 2023 and beyond.

Chris Grier may not be able to put the finishing touches on a Christian Wilkins contract or a Jonathan Taylor trade but he hit that trade out of the park. In the meantime, the player many Dolphins fans thought Miami should have drafted at three overall, Kyle Pitts, he is showing growth but has yet to take the major step that was expected in his first two seasons.

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The Pittsburgh Pirates will open the 2024 campaign on March 28 at Miami with a four-game series against the Marlins.

Pittsburgh will then travel to another National League East foe in Washington for a three-game set between April 1-4. The 2024 campaign will be just the second time that the Pirates will face the Marlins on Opening Day after also doing so in 1996 at Miami. It will also be the earliest the Pirates have started a season since 2019.

The Pirates will return to Pittsburgh and face the Baltimore Orioles in the home opener for the first time in team history with the beginning of a three-game series from April 5-7. The first homestand will conclude with a two-game set against the Tigers from April 8-9.

From Sept. 5-15, the Pirates will enjoy a season-long 10-game homestand against Washington, Miami and Kansas City.

Pittsburgh’s home schedule also includes games against Arizona (Aug. 2-4), Atlanta (May 24-26), Boston (April 19-21), Chicago Cubs (May 10-12, Aug. 26-28), Cincinnati (June 17-19, Aug. 22-25), Colorado (May 3-5), Kansas City (Sept. 13-15), L.A. Angels (May 6-8), L.A. Dodgers (June 4-6), Miami (Sept. 9-11), Milwaukee (April 22-25, Sept. 24-26), Minnesota (June 7-9), N.Y. Mets (July 5-8), Philadelphia (July 19-21), San Diego (Aug. 6-8), San Francisco (May 21-24), Seattle (Aug. 16-18), St. Louis (July 2-4, 22-24), Tampa Bay (June 21-23) and Washington (Sept. 5-8).

The Pirates’ road slate also includes contests at Arizona (July 26-28), Atlanta (June 28-30), Chicago Cubs (May 16-19, Sept. 2-4), Chicago White Sox (July 12-14), Cincinnati (June 24-26, Sept. 20-22), Cleveland (Aug. 30-Sept. 1), Colorado (June 14-16), Detroit (May 28-29), Houston (July 29-31), L.A. Dodgers (Aug. 9-11), Milwaukee (May 13-15, July 9-11), N.Y. Mets (April 15-17), N.Y. Yankees (Sept. 27-29), Oakland (April 29-May 1), Philadelphia (April 11-14), San Diego (Aug. 12-14), San Francisco (April 26-28), St. Louis (June 11-13, Sept. 16-19), Texas (Aug. 19-21) and Toronto (May 31-June 2).

Pittsburgh will play each division opponent 13 times and meet the remaining 25 teams.

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It’s a large coastal metropolis that has been losing residents to other parts of the US for years, and was already losing population when the pandemic began. The main cause seems to be increasingly unaffordable living space.

This description applies to several cities. That Miami is included might come as a surprise. In the general imagination, it is one of the great boomtowns of the present. The popular notion is not entirely wrong: In 2020 and 2021, many incredibly wealthy people moved to the area; Employment growth has been strong; and Miami has had some notable success in attracting technology and financial companies. But when billionaire investor Peter Thiel said in May that Miami had become too expensive to consider moving its operations there from California, he had something in mind.

Despite significant differences in taxes, politics, and weather, the Miami metropolitan area of ​​6.1 million shares distinctive characteristics with the major metropolitan areas of the east and west coasts. It’s alive. It’s diverse. It’s cosmopolitan. It’s also becoming increasingly expensive to live there, in part because the area is being built at about the same rate as New York and Boston, relative to the number of residents.

One reason for this is geography. With the Atlantic Ocean on one side and the vast wetlands of the Everglades on the other, Miami never had much room to spread out. When Albert Saiz, an economist at the Massachusetts Institute of Technology, began measuring the “geographical determinants of housing supply” a decade and a half ago, he found that among major US metropolitan areas, Miami, Fort Lauderdale and West Palm Beach rank second, third and third was seventh, how much land within a 50-kilometer radius of the city center was under water, was on too steep a slope, or was unbuildable for other reasons. (The three areas have since been combined into a single Miami-Fort Lauderdale-Pompano Beach metropolitan area.)

The less than plentiful supply of buildable land in the Miami area is now almost fully developed. In 2013, the Census Bureau noted that it is the ninth-largest metro area in the country on a population-weighted census-district-by-census-district basis(1) and the most consistent in the sense that neighborhood density has remained high, even 50, 60 or 70 miles from downtown Miami. The construction of new housing in the Miami area, as well as in other metropolitan areas on the coast, therefore requires construction in already developed neighborhoods.

Tall residential buildings are part of South Florida’s DNA, and Miami and surrounding cities have continued to construct new buildings in and around their downtown and other business districts. But for a variety of reasons — scarce land, high construction costs related to hurricane threats, continued caution after the last real estate crisis that hit Miami hard, and a steady influx of ultra-rich buyers from Latin America and elsewhere — these new buildings are likely to be even greater than buildings in other regions that tend towards super luxury. According to real estate agent Redfin, the average selling price per square foot in Miami over the past two years has been about 50% higher for new homes than for existing homes. Statewide there was virtually no difference, and the only metro area I found with a significantly larger price difference than Miami was New York.

Meanwhile, in the Miami metro area, it’s just as difficult to densify existing single-family neighborhoods as it is elsewhere, as the area fits into the coastal development pattern that housing researcher Issi Romem once described as “nests of dense development in a dormant suburban interior.” Some states have been pressuring cities and suburbs to break out of this single-family home rut, but Florida seems to be pushing in the opposite direction: Gov. Ron DeSantis’ administration has filed a lawsuit to stop a north Florida city from zoning finish only for single family homes. Last year, Miami Beach turned down a new Frank-Gehry-designed residential tower in what might have been a coincidence but felt a bit like a sign of the times, while the notoriously development-shy beach city of Santa Monica, Southern California, agreed.

One consequence of this limited housing supply has been a steady exodus of Miami-area residents to more affordable areas. The Census Bureau tracks domestic migration by county, and its statistics show that Miami-Dade County has lost an average of about 40,000 net people per year to other parts of the U.S. over the past decade, with Broward County (Fort Lauderdale) trending more negatively in recent times Palm Beach County still saw net inflows from within, but not nearly enough to offset Miami-Dade’s losses.

Recent estimates by Placer.ai, a location analytics firm that managed to identify population trends later confirmed by the Census Bureau, suggest that Greater Miami experienced a net emigration of 1% of its population during the year, about 60,000 People, The twelve months ended in March, with the largest net inflows going to the Orlando and Port St. Lucie, Florida metropolitan areas.

That doesn’t mean the Miami metro area is shrinking. Broward and Miami-Dade counties have had slightly more births than deaths in recent years (Palm Beach County has not), and the region attracts many people from outside the US. It was the near halt in immigration at the start of the pandemic that led to a population decline from April 2020 to July 2021, but this has since normalized. Migration in and out of the Miami area follows a pattern similar to that seen in New York, San Francisco, Los Angeles and other coastal cities a decade or so ago, with international inflows largely or completely offsetting domestic emigration.

California data from the 2010s is also a reminder that people inbound are wealthier than those outbound, although Miami-Dade and Palm Beach counties really took that to new levels early in the pandemic. The median adjusted gross income of the 45,160 federal income taxpayers who relocated to Miami-Dade County between 2020 and 2021, according to the Internal Revenue Service (which is not the case), was $229,662, while that of the 59,292 emigrants was just 66,354 US dollars was published more recent data), while in Palm Beach County the 44,354 new taxpayers averaged US$242,684 and the 38,649 eliminated US$96,395.(2) In terms of total net income inflow, Miami-Dade and Palm Beach had among the largest no real competitors US counties in 2020-2021, and Broward was also a top performer.

Swapping poorer people for richer ones can, of course, have a positive impact on state and local finances, although Florida’s lack of a state income tax limits the bounty. And unless the transition also significantly boosts the incomes of local residents left behind, it becomes politically problematic for a region where the median household income was just $63,814 in 2021, compared to the national median (as measured by the American Community Survey of the census bureau). from $69,717. The combination of low incomes and rising home prices has pushed the Miami metro area to second from bottom in the Federal Reserve Bank of Atlanta’s Home Ownership Affordability Monitor for April, with listing website RealtyHop ranking the city of Miami second to last for housing affordability place ranks June.

The two least affordable metro areas ranked by the Atlanta Fed are Los Angeles and San Francisco, two places with persistent housing problems and, in recent years, many other problems. There has long been a debate as to whether the problems, particularly in San Francisco, are primarily due to poor governance or an inadequate housing supply. Miami might help us figure out the answer.

More from the Bloomberg Opinion:

• What do US growth zones have in common? New case: Justin Fox

• The Housing Crisis America’s Suburbs Need: Conor Sen

• Crypto bet in Miami could fail, but it still paid off: Jonathan Levin

– With support from Jonathan Levin.

(1) That is, the Census Bureau calculated the population density of each census tract and then averaged this across all metro areas on a population-weighted basis.

(2) These are figures per tax return. The number of people moving was higher and the per capita income was lower.

This column does not necessarily reflect the opinion of the editors or of Bloomberg LP and its owners.

Justin Fox is a columnist at Bloomberg Opinion covering business, economics and other chart-related topics. A former editor and author of Harvard Business Review, Time and Fortune, he is the author of The Myth of the Rational Market.

For more stories like this, visit Bloomberg.com/opinion

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Americans making a six figure income and trying to grow their money even more flock to Florida.

According to SmartAsset’s latest analysis, the Sunshine State has attracted the most high-income workers earning at least $200,000. And considering that the cost of living in Florida is typically lower than in pricier states, high earners could save hundreds of thousands of dollars by moving there, even in an expensive city like Miami.

According to a June SmartAsset study, someone living in Manhattan and earning $650,000 could save nearly $200,000 in living expenses and tax expenses if they moved to Miami and kept the same salary.

New York is one of the world most expensive cities. According to SmartAsset, Manhattan costs are about 137% higher than the US average, which is why jobs in NYC tend to be paid above the US average.

According to the latest available data from the Bureau of Labor Statistics, the cost of living in Miami is approximately 23% higher than the national average and the typical worker earns slightly less than the national average. On average, workers in the Miami-Fort Lauderdale-West Palm Beach area make about $28.36 an hour, which is just below the national average of $29.76, according to the agency’s most recent report.

Florida’s lack of a state income tax also means that high earners tend to be taxed less there compared to other metro areas in the state. According to SmartAsset, someone earning a six-figure sum and living in Miami is typically taxed between 27% and 35%, while someone with the same income level living in Manhattan is taxed at an effective tax rate of between 36% and 45% .

While San Francisco residents may not be able to save as much as New Yorkers, they could still benefit financially from a move to the Sunshine State. High-income earners living in San Francisco could save around 24% on their salary by moving to Miami, SmartAsset research shows.

You might find Miami’s tax regime more favorable. In San Francisco, someone making between $150,000 and $650,000 is typically taxed between 36% and 46%. That’s significantly more than the amount Miami taxes this level of income.

According to SmartAsset, high-income earners who move to Miami from Chicago would have the smallest savings but could potentially reduce their tax burden. Although the cost of living in Chicago is lower than in Miami, Chicagoans making between $150,000 and $650,000 are taxed at a higher rate of between 32% and 40% per SmartAsset.

That’s how much money someone earning between $150,000 and $650,000 can save by moving to Miami from San Francisco or Chicago, according to SmartAsset.

If you’re thinking about moving, don’t just do your research the cost of living, but also factors that may affect your potential quality of life, such as: B. the local culture and access to entertainment, food and medical services.

While the promise of a lower tax burden seems tempting, it’s important to remember that taxes help fund local infrastructure, public transport and other essential services. Make sure you consider the trade-offs.

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