The number of San Francisco residents packing up and moving to Texas and Florida has hit a record high.
According to data from commercial real estate company CBRE Group, San Francisco lost the most residents of any major US city between 2019 and 2020. The number of people who moved to Texas from San Francisco rose 32.1%, while those who moved to Florida rose 46.2%, according to Business Insider.
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San Francisco lost around 18 residents per 1,000 residents in 2020, compared to nine per 1,000 residents the previous year.
“Many of the world’s most ambitious people have lived here,” said Keith Rabois, an investor who recently moved to Florida from California. “But after COVID, I think the concentration of talent is stunted, maybe permanently.”
The majority of the people who left the city stayed in California and moved to the capital, Sacramento. Moves from San Francisco to Sacramento increased by 70%. This is evident from data obtained from USPS records at the request of the Freedom of Information Act.
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“The pandemic just came as the majority of the large and increasingly affluent millennial cohort was reaching the prime family education age,” the report explains. “As a result, millennials tended to move to more suburban residences even before COVID-19 hit the market.”
Last year it was reported that coronavirus lockdowns and high taxes caused such a significant exodus from the state that California could lose a House seat and vote for the first time due to the population decline.