Silicon Valley has long been considered the most viable option for starting a business or finding a job in the tech industry. Its reputation is largely self-affirming, though — as long as it’s seen as the hub of the tech world, it will be by virtue of attracting an abundance of startups and the top talent in the industry.
Silicon Valley’s reputation has been slipping lately, however, which could indicate that it will be surpassed as the foremost entrepreneurial hub in the not-too-distant future.
With the recent slew of accusations against Silicon Valley venture capitalists regarding sexual misconduct and a pervasive attitude of sexism, the hub is beginning to lose its shiny reputation as a spot for some of the world’s most progressive thinkers. The Elephant in the Valley survey brings some of these issues to light, pointing out that 60 percent of respondents had been subjected to unwanted sexual advances. Of those, 65 percent had been harassed by a superior.
Besides an apparent marginalization of women, Silicon Valley’s success has, in part, contributed to its latest problem. According to a study from real estate brokerage firm Redfin, 25 percent of Bay Area residents are now searching for homes elsewhere, mainly in places like Seattle and Portland. While salaries for software developers and the like aren’t as high in these places — in the case of Portland, they’re about $32,000 less — the median home price is generally targeted at least half a million dollars lower than the $1.05 million price tag found in Silicon Valley.
The exorbitant real estate prices in Silicon Valley have yet to cause a mass exodus, but they’ve driven top talent to begin looking elsewhere for the next job or startup.
So where are they moving?