Flee San Francisco as Soon as Possible

San Francisco was one of America’s great and storied cities for well over a century. It anchored the population on the Pacific Coast, along with Los Angeles. Forty years ago, its metro area was home to the unbelievable tech boom that made America the global industry’s leader. Its population surged, and residential housing in the area became among the most expensive in the United States. (The cost of housing has skyrocketed in these major U.S. cities.)

What a difference three years can make. The tech industry had grown too quickly. Some of America’s largest technology companies downsized, which was unimaginable at the start of the decade. San Francisco’s wealthy and upper middle class began to leave. Offices that were affordable when tech companies had monster profits became a financially unsuitable burden.

The exodus was not limited to residents and companies. The number of people who visited the city for business and pleasure collapsed. Once full, hotels started to shut down, according to The New York Times. Thomas J. Baltimore Jr., the chief executive of Park Hotels & Resorts, told reporters from the paper that “Now more than ever, we believe San Francisco’s path to recovery remains clouded and elongated by major challenges.”

San Francisco also has become overwhelmed by the homeless and rising crime rates. It has among the highest crime rates of any large city in America. The number of homeless in San Francisco has been pegged at nearly 40,000. By contrast, New York City, which is almost 10 times the size of San Francisco based on population, has about 80,000 homeless people.

ALSO READ: Cities With the Most Car Theft

San Francisco’s problems will not get better within the foreseeable future. It will become a ghost of what it was just a few years ago. It is time for those who can leave to depart as soon as possible.

Sponsored: Tips for Investing

A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.

Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.

Source: Read Full Article